looks like I am in too much debt

Hi,

Welcome to MortgageFit Forums.

Well this is a common problem. And yes your friends are absolutely right, these are warning signs that you are not able to manage your finances properly. This may lead you in some trouble in future. This is when a proper budget will come to your rescue.

But before you plan a budget it's important that you know exactly how much you earn and where does your money go. Once this is done, it's important that you try to cut down on unwanted expenses.

And remember you should not expect immediate results, it is a slow but steady process.

Thanks,
Jerry

Dont loose your heart - these things will come and go. But the important is that the should never come back again.

Let me help you to point it to other signs which might help you to decide wether you are going to the right direction - in terms of your finances.

1. No savings.

2. You are making minimum payments on your credit cards.

3. You start using your credit cards for things you used to buy with cash, such as groceries.

4. Your credit cards bill are not going down.

5. Every now and then you are running out of cash.

6. You are taking payday loans to pay off your other bills.

7. You get calls from collectors.

hope this will help you...

thanks

Do you own the home you live in?

Thanks all for your time and experience. .

Charles - Currently i am living in rented house, though I have a plan to buy a new house. Any suggestions - as to how should i proceed