People often operate with the out of sight out of mind procedure when it comes to bills and debts. It is easy to get into autopilot mode making minimum payments and trying not to think about the large mountain of debt ahead. More often than not, this leads to unexpected trouble when things get out of hand and spin down into the danger zone.
How Do I Know I’m In The Danger Zone?
- You can only afford to pay the minimum payment.
- You “float” your payments to time with your paychecks, but to arrive in just enough time to avoid penalties.
- You have missed payments or are over 30 days late.
- You borrow from one source to pay another.
- You rely on credit cards to pay for essential living expenses like groceries and utilities.
What Can Happen In the Danger Zone?
- Your credit can be damaged.
- You could be sued.
- Your wages could be garnished.
- You could have your car repossessed or home foreclosed.
- You could have your bank account levied and your funds seized.
What Can I Do To Get Out Of The Danger Zone?
Call an Ohio bankruptcy lawyer. They are debt professionals that can help you review all of your debt relief options and make an educated decision. You can be debt free and back on the path to financial freedom, you just need to seek proper guidance to make the decision that is best for your family.