Debt Management: Knowing When to Ask for Financial Help

Being in debt can be overwhelming. This is especially true when creditors are calling and a person doesn’t earn enough money to make ends meet.

In addition to feeling overwhelmed, it can be easy to become ashamed when an individual can’t pay their bills. For many overwhelmed debtors, this causes them to further dig themselves in a financial pit.

Although it seems like it’s a never-ending cycle, debt doesn’t have to be. Help is available for those that constantly have financial problems. The key to managing the debt load is to know when to ask for financial help.

In many instances, financial help is just a phone call or click away. There is no shortage of people who are willing to assist a person with their financial challenges.

Not sure whether person needs financial help with their debt? Here are 6 signs that they should ask for financial help immediately.

1. They’ve been missing payments.
A clear sign that an individual needs assistance is they aren’t able to pay their bills on time. If their next check is spent before they get it, they might be on the verge of financial disaster. Not only can missed payments ruin their credit score, they cause them to spend extra money on late fees.

2. They’re paying household expenses with Their credit card.
Since credit cards have high interest rates, it’s not a good idea to use them to pay their monthly expenses. Taking this action creates a mountain of debt that can be difficult to repay.

3. Creditors have been calling Their phone.
When a person’s creditors call their home for missed payments, they know they are experiencing a financial hardship. The truth is there are fewer things more stressful than being harassed by creditors at their home or job.

4. Their debt is keeping them up at night.
Can’t sleep at night because of a mountain of bills? If money is on a person’s mind during the wee hours of the night, it’s time for them to take steps to solve their financial dilemma and get help.

5. They need additional money to get caught up on Their bills.
Can’t make financial ends meet no matter how much effort is put in? Could the individual use a short-term loan to help them get caught up? This is a sign they need help.

Title loans may be a good short-term financial solution. The best part about these loans is a person can apply online and use their vehicle as collateral.

6. Their financial situation is draining the fun out of Their life.
There’s nothing fun about out-of-control debt. Financial worries can cause stress, medical problems and anxiety.

If an individual is constantly worried about how they’ll pay their bills, it’s time to get some help. Speak with a trusted family member. Talk with a financial counselor. Develop a plan to manage or even get out of debt.

Regardless of the financial situation, a person can make changes to turn it around. However, they must take ownership of the situation and ask for help.

Contrary to popular belief, there’s nothing wrong with asking for financial help from time to time. It’s better to ask for help than to suffer in silence.

Melissa Thompson
Melissa Thompson writes about a wide range of topics, revealing interesting things we didn't know before. She is a freelance USA Today producer, and a Technorati contributor.