Credit card debt has the ability to take over the consumer’s life. When facing large amounts of debt it can be difficult to reach personal and financial goals such as establishing a savings account, acquiring funds towards the down payment of a home and the financing of a vehicle.

One of the many signs that you are in too much debt is being denied for credit. Being denied for credit can be a sign that your credit rating needs improvement, which can be completed by repaying the debt that you have accumulated.

What are the warning signs of too much debt? The first warning sign of too much impending debt to the consumer’s personal financial plan is the inability to make monthly minimum payments.

When the debt repayment portion of the budget exceeds fifteen percent, for merely minimum payments, this is another sign that you have too much debt.

When it comes to debt, making the minimum monthly payment just isn’t enough. Paying the minimum payment on a substantial amount of credit card debt could mean the repayment term of the debt can be increased by one-hundred percent.

If you are unable to set aside money to plan for the future in the form of retirement and savings accounts.

Unfortunately, it is too late when most consumers have reached the point of realization that they have too much debt.

You have too much debt if you are unable to establish a savings account. A savings account is a safety net that allows the consumer to avoid credit card use in the future and is essential in case of an emergency. A small amount of money should be set aside each month to establish a savings account.

Continuing to use the credit cards while making payments, trying to pay down the balance can be a sign that the consumer has too much debt. When you pay a credit card and are facing debt, the card should not be used – there is no exception to this rule. Using the credit card offsets the payments that have been applied to the account.

A warning sign of impending financial trouble occurs when the consumer is unable to tally the amount of debt that is owing to certain creditors. Chances are, the customer has more debt than they are able to handle if they are unable to recall the debt before the repayment plan begins.