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Is Overspending Causing Your Financial Problems?

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Debt has a way of overshadowing everything positive that’s happening in your life.  Worrying about mounting bills while providing for yourself or your family remains in the forefront of your mind. It can even lead to depression and cause a cycle of overspending that may continue to contribute to the problem.

Finding Debt Help in Edmonton

Overspending is easy to do, and chronic overspending can lead to financial ruin. It can start by making a purchase that is just a little outside of your budget. Then you extend that just a little further, and soon, you can’t pay your household bills or keep up with your spending habits. This can be both a psychological issue and one that consists of poor financial know-how. Overspending usually happens when you aren’t generating enough income to pay your bills, or when you attempt to live above your means.

Signs that You May Have a Problem with Overspending

When you are struggling financially, it’s important to take a step back and evaluate your spending habits. These are the signs to watch out for that can indicate you might have a problem with overspending:

  • You have reached the maximum spending limit on all your credit cards and are only paying the minimum each month. You should be able to pay off your balance each month and maxing them out shows that you are depending on credit for more than you should.
  • Paying your bills past the due date is another bad sign. Trying to rob Peter to pay Paul is only moving the debt around and not solving anything. Having bills that are more than 30-days late can also have a negative impact on your credit score.
  • Using your insurance or retirement accounts to pay bills can indicate that you are not making enough to cover your spending habits.
  • If you are well acquainted with payday loans, then you have a problem with your spending habits. These loans have notoriously high interest rates and can trap you in a cycle of borrowing just to keep your financial head above water.
  • Borrowing from unconventional sources, like your job, your family, or your friends is another sign that your spending is out of control. This can have a huge impact on your relationships and even result in job loss when you fail to pay the amount back.

Contact Us to Get Help Today

Fortunately, overspending doesn’t have to mean dealing with debt overload alone. With the proper financial help and personal debt solution choices, you can bounce back from this.
It is possible to alter your saving and spending habits by scheduling your free consultation with the professionals at A. C. Waring & Associates Inc. Our experts can help to answer your questions about debt management and debt solutions.
Call us toll free at 1-800-463-3328 or 780-424-9944 with your questions and concerns about seeking debt-help® at our Edmonton office. Our trustees and advisors can explain a variety of solutions including credit counselling to get your financial status back on the right track.

Beth (Bich) Bui

Insolvency Administrator

Contact Us.  We can help.

Written by Arthur Waring

Arthur earned his Bachelor of Arts from the University of Western Ontario before earning a Bachelor of Commerce from the University of Windsor. During university, he also participated in a French immersion program in Trois Pistol, Quebec, and has been employed for several national firms over the years.

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