Eight Warning Signs You Need Debt Help (Page 6 of 10)
Categories: Credit Smarts Debt Management
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Warning Sign #5: You Can't Make Minimum Payments
This one speaks for itself, but if you can't make minimum payments on your credit cards, you're in credit trouble.
Keep in mind, credit card companies don't set up minimum payments to get you out of debt quickly. Rather, those minimum payments are meant to keep you in debt as long as possible and pay the most interest!
If you have $10,000 of credit card debt and make $200/month in payments, you'll pay $8,600 in interest!
If you can't make minimum payments on your credit cards, consider debt consolidation.
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