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Can you kindly educate me on the symptoms that lead to bankruptcy?  

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Hi,
Garry here. I am undergoing severe financial crunch for the last couple of months. I feel that I'm almost on the verge of serious debts. Can you kindly educate me on the symptoms that lead to bankruptcy. It would be of great help inorder to take early precaution.
 

asked Nov 9, 2004 10:26 PM

garry
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best answer

Hi Garry,
Consumers often do not recognize the warning signs of serious financial problems. The common human nature is to ignore the situation with hopes that it will get better, but it often gets worse.
These are a few warning signs to watch for inorder to avoid bankruptcy:


  • Late or missed payments for more than one month. Missed or late payments may mean you aren't keeping track of when bills are due or, that you do not have the money to pay. If you are skipping payments to creditors, find out why and make adjustments in your spending habits immediately.
  • Holding on to a number of credit cards at the same time and using it to the maximum limits are indications that you are very likely using credit to extend your income. Analyze your finances and cut your expenses so that your income is sufficient to cover your expenses without using credit. Keep track of everything you spend for one month and then decide on the next step.
  • Making only minimum payments. With minimum payments it will take unlimited time and possibly thousands of dollars in interest to pay off a credit card debt. Spend less and start paying more than the minimum. Even $30 more a month, will decrease substantially the amount of interest and time to pay off.
  • Difficulty in paying bills with interruption in the job scenario. The simplest way to avoid financial problems due to an interruption of income is to have a secure savings for three to six months. Other than living expenses, set aside a certain sum for emergencies. If you do not have a savings cushion, start today.

Never mind how bleak the statistics are at this moment. With financial education, some calculative steps, and determination you can turn your financial situations around. Wish you all the very best.

answered Nov 9, 2004 10:30 PM

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Quote:

Originally Posted by garry
Hi,
Garry here. I am undergoing severe financial crunch for the last couple of months. I feel that I'm almost on the verge of serious debts. Can you kindly educate me on the symptoms that lead to bankruptcy. It would be of great help inorder to take early precaution.


Now that you know the signs of bankruptcy, I will give you information on how you can avoid bankruptcy. It is a short web page that I googled up. Remember, you are not in bankruptcy yet. And there is still hope for you to get things in order in order to avoid it. Especially with help from this site. So check out this page. The main highlights include maintaining a realistic monthly budget and relying more on cash than on your credit cards.

[vikas: no links please , see tos]

answered Mar 28, 2005 07:11 PM

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