Here are five early-warning signs of credit troubles that could make it a good time to get help from a credit-counseling agency -- or at least make some major changes in your spending habits.
1. Paying only the minimum amount due on your credit-card balances for two months in a row. Paying just the minimum kills you with interest charges and can extend your debt for more than a decade. If you have a $1,000 balance on a card that charges 18% interest, for example, and you pay the minimum of 2% of your balance each month, it would take 19 years for you to pay off the debt and cost nearly $2,000 extra in interest (twice as much in interest as you owed for the original balance). Many lenders have been boosting their minimum payments from 2% to 4% or 5%. But that could be tough to pay on time if you aren't prepared, leaving you with late fees, a higher interest rate and a lower credit score -- and making it even tougher to get out of debt.
For the full article click the link: 5 Warning signs that you may be in financial trouble
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