Do you feel like you’re hitting a financial wall? Here’s a throwback to a popular post about warning signs to watch for.
Making an on-time mortgage payment can be difficult if there’s an emergency or unexpected expense. What if a one-time incident caused you to stumble and you are struggling to regain your footing? What if the financial hole you’re in is becoming deeper and deeper?
Below are 10 warning signs to help you determine if the state of your finances calls for action.
#1 Avoiding looking at financial documents such as mortgage and credit card statements.
#2 Relying on credit cards to pay for everyday expenses like food and gas.
#3 Getting behind on or missing mortgage payments.
#4 Choosing between or skipping paying some bills each month to cover your mortgage payment.
#5 Playing catch-up on bills that you couldn’t pay the previous month.
#6 Paying late fees and finances charges.
#7 Screening phone calls from your mortgage company or bill collectors.
#8 Worrying about missed payments keeps you up at night.
#9 Maintaining an emergency savings is not possible.
#10 Saving for retirement has stopped, never started, or you’ve taken out a loan against a retirement account.
Do you identify with any of these behaviors? The first step is being aware there is a problem. Is your mortgage payment or other bills paid late each month? Do you have to choose between expenses to pay? Is your budget out of balance; have you maxed out credit cards; or do you pay high fees and interest? If so, are you feeling stressed and strained financially? And if you’ve been treading water, do you have a plan to get back on track?
Use the above warning signs as indicators to take action and start problem-solving as soon as possible. First, identify the problem and the root causes. Then, prioritize your financial concerns and seek input from an unbiased and trusted HUD-Certified non-profit financial counselor to confidentially discuss your individual options.
LSS Financial Counseling offers free and confidential in-office or over the phone appointments by HUD-approved Foreclosure Prevention counselors. A housing specialist can review your finances and guide you through the options for your mortgage, as well as help you create a plan to address your budget, credit card, and other debt.
Waiting limits your options. Take action now and call LSS Financial Counseling at 888-577-2227 for your free session.