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Debt-overload alert - Work & Wealth - Brief Article

How can you tell if your credit-card spending has spiraled out of control? One sure sign. You routinely "rob Paula to pay Paulette"--take cash advances on one card to pay another. But are you ignoring other warning signs? Test your debt savvy with this quiz. Do you:

* Only pay the bare minimum on your credit-card bills each month?

* Miss payments on one or more accounts?

* Disguise your voice when bill collectors call and tell them, "She doesn't live here anymore"?

* Have nothing banked or have to withdraw what little money you've saved for emergencies to pay other expenses?

* Bounce checks frequently?

* Depend on income from moonlighting or overtime to cover your bills?

* Borrow from friends or relatives, or take high-interest "payday loans," to tide you over until you get paid?

If you answered yes to any of the questions, you're approaching a financial dead end and should make a detour. "About 20 percent of consumers are in some kind of trouble," says Jan Davis, president of TrueLink, a provider of credit-based products and services.

If your bills regularly outpace your income, debt-counseling services can help. To locate a credit counselor in your area, contact the National Foundation for Credit Counseling ([800] 388-2227 or nfcc.org). For answers to a range of credit-related questions as well as products and services designed to help you improve your creditworthiness, log on to truecredit.com. Davis says, "When you order a [TransUnion] credit report for $9.95 from truecredit.com, you'll have access to free counseling about your credit report as well as a newsletter with helpful hints."

COPYRIGHT 2003 Essence Communications, Inc.
COPYRIGHT 2003 Gale Group