Debt is one of the most powerful things in life, and it can work two ways. The first is that debt can boost your success: either by meaning you are educated and you can progress your career, by putting you on the property ladder, or even by helping you to open a business. The second is that it can cause your financial life to crash around you, with bailiffs at the door and your money owed greater than you could ever afford. The thing is, there is a trick to using debt wisely and when you know the difference between good and bad debts, you can learn to manage your debt properly. With this in mind, you need to know if the debt that you hold is too much or not, and we’ve for some of the signs that will show you exactly that!


  • You don’t know how much debt you have. The first sign that it’s all become too much is that you have no idea how much you owe or to whom. It’s all just one big blur of monthly payments to you now, and that can be dangerous! You need to know where you owe money so that you can manage it as well as you can.
  • You don’t look at the bills. As the post mounts up in your mailbox, you are turning a blind eye to it and refusing to look. This can be dangerous to you, as you will soon find out that not knowing what you owe is a great way to bury your head in the sand. Canyon Legal Group will help you to manage your debt better, but they can only do this if you are honest. Look at those letters and figure out where you owe money and you can get out of debt.
  • You are only paying the minimums. If your debt is spread between several credit cards, the chances are that you are only paying the minimums on what you owe. You need to be able to pay off your debt quickly but if you are only paying the minimums, you’re going to struggle with this a lot.
  • You have no more space on your cards. How many credit cards do you have? When these are all maxed out, you may find that you owe a lot more than you thought. You can see your own dire straits when you can’t put anymore onto your credit cards, as this means that you have pushed your debt to its limit.
  • You have depleted your savings, or you don’t have any at all. When you don’t have savings or you’ve been dipping into them to pay debts, it shows that your debt is too much. You should be able to put money into savings every month and if you’re not doing this, you’re going to find yourself in big trouble.
  • You applied for credit, and yet you were turned down. Banks and lenders will only lend you money if they know that you are going to pay it back. If you have been turned down for credit, you’re going to be seen as untrustworthy by lenders and this can put a bad mark on your credit rating.