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8 signs you may have a debt problem

Beyond Finance experts, who regularly speak with consumers in debt, identified eight signs of problematic debt amid rising costs, noting 68% worry about retirement, 58% feel finances control their lives, 56% can’t keep up with living costs and 45% struggle weekly.
Beyond Finance experts say debt becomes unmanageable when consumers only make minimum payments, use credit for necessities, and take on new debt to cover existing balances.
Regular overdrafts and account dips before payday indicate trouble as consumers with checking accounts exceed income, rely on credit products, borrow from family and friends, and sustain debt through emotional spending.
Identifying three or more signs typically signals it’s time to seek professional help, as people who identify three or more signs should consider financial professionals and debt counselors along with debt consolidation or relief options.
Many people normalize debt stress, but early action preserves financial wellbeing and options by reducing stress and making solutions easier to pursue for people living with debt stress.

Insights by Ground AI