Lance Advisors and How to Avoid These 3 Red Flags for Debt

Debt can put a strain on your relationships, and emotional well being, as well as your finances.

One way to avoid the slippery slope, is to identify problems before they become too large to manage.

Let’s look at 3 huge red flags you might see that signals you’re going into debt…

This is a sponsored post. All thoughts and opinions are 100% my own.

The most obvious reg flag is honestly, this article. Because if you think you’re going into debt, and reading stuff like this-chances are, you are already in debt, and know it.

You know your financial situation better than anyone else. if you suspect you need help from a debt consolidation company, like Lance Advisors, reach out to them! There’s no shame in it, and companies like this can help you consolidate an d manage your debt effectively.

But, without pointing out the oh so obvious, let’s get into the list…

Housing Bills Are A Problem…

Is the rent late? Falling behind on your mortgage?

Housing is a vital necessity.

It’s one of the first bills we budget our finances around. Sometimes Life throws us curve balls, and we might need to make adjustments to ensure that necessary bill is going to get paid.

But if falling behind on your rent or mortgage, is becoming a trend, it’s time you reevaluate your financial situation.

Paying a late fee on occasion might not seem like a big deal. it’s only $50 every time the rent is a little late, right?

That’s extra money you wouldn’t have to pay otherwise, if you weren’t struggling. Those extra fees add up as well.

Use that extra fee as a red flag that you’re going into debt, and need to take action.

You’re Getting Cash Advances

Cash Advances seem like a good way to quickly pay off a bill you can’t get to otherwise-right?

Only now you’ve taken a huge cash advance out with a large interest rate…and sometimes, that’s a struggle to pay off.

Or worse – you’ve not only gotten the cash advance at a  high interest rate, but maybe even put your car title as collateral? Not a smart move…

You might be able to justify getting these kinds of pay day advances if you’re able to pay them off quickly, but be warned.

The very seldom advances might not be a problem. But one can quickly dig themselves into a hole that will be harder to get out of. Especially if you’re creating additional debt with cash advances, in order to pay off current bills.

Like your late housing bills, if cash advances are becoming a norm, it’s a huge sign you’re going into debt. That’s not good.

You Have No Savings

Building up your savings is important for financial success. If you haven’t already allotted this within your budget, you should.

But if you notice that you’re needing to spend money on bills, instead of depositing into savings, that’s a red flag.

Yes, it’s okay to dip into your savings when emergencies arise – that’s what it’s there for in that event.

However if you notice you’ve stopped saving altogether and your nest egg is shrinking, take that as a red flag towards debt.

Admitted you’re in trouble?

It’s okay, and don’t worry, you can fix this!

First step is admitting you have a problem. 

Making changes to your lifestyle and budget are just the starting points.

You may also want to enlist professional help, like Lance Advisors. Getting started with consolidation, taking on manageable loans, and getting advice from the professionals, will help you feel less alone.

There’s several easy ways to get out of debt. Recognizing the warning signs is the only way to catch debt before management goes beyond your capabilities.