Four months ago I don’t care what my financial status is, I don’t care if I acquire debt, I don’t mind using my credit card, I don’t mind seeing my self 3-4 years from now. Until one day, while surfing the net I come across a site that talks about various topics about finance. How he visualize himself 1 year or 25 years from now.

I realize that in my age now and in my family status I should be taking charge of my finances. Nothing is permanent in this world and though I have a not so bad pay with my current job I failed to take control of my debt – consumer debt in particular.

I’m now in what other calls it – “in debt trouble“. How about you? when was the last time you take charge to clear up your financial worries? Do you want to know if you are in debt trouble?

Here is a simple checklist to know whether you are in debt trouble. If you have two or more of these, then I suggest sit down and start creating a plan to get rid of that pesky debt.

1. My required monthly minimum payments are 20% or more of my take-home pay, not including rent or mortage payments.
2. I use cash advances from one credit card to pay off another.
3. I don’t know how much my total debt and credit card usage is.
4. I’m getting calls or letters from creditors about overdue payments.
5. I often pay bills late.
6. I’ve recently been denied credit.
7. My income isn’t enough to pay all my current bills.
8. A purchase was turned down because my credit card was over the limit.
9. I have more than three credit cards and I’m using all of them.
10. I have at least three credit cards and I am still applying for more.

I have admitted that I’m in debt trouble but I do believe that in 6 months time I will become a debt free person. This is base on the debt management as I’ve previously shared to you.

How about you, are you in debt trouble? what are your debt payment plan?