Don’t Be Too Spend-Happy: 5 Signs You Have Too Much Debt

Most of us would love to have no debt, and many people make a conscious effort to get to that point. Debt can be suffocating: it can affect our credit score, stress levels, and, of course, our financial stability. But while most people would rather not have debt, few of us could put a number on how much debt is too much. As of July 11, the total public debt outstanding was $17,589,434,621,637.93.

So how much is too much debt? Most people would agree that the above number is far too high, but what about personal individual debt? Is it $10,000 in credit card debt? A $100,000 in student loan debt? The answer to that question may be personal and depend on your individual circumstances, but there are certain signs that indicate you probably have too much debt.

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1. You’re not sure how much debt you have

It doesn’t matter if you have $3,000 in credit card debt that you can’t pay back or if you have $10,000 that you can’t pay back. While one number is significantly higher than the other, if you don’t know how much debt you have, there’s a good chance you have too much. Even if you don’t have the funds to pay your debt off quickly, you should still pay attention to how much you have.

If you’ve gotten to the point where you either don’t care how much debt you have or if you are just too overwhelmed to keep track, then you may need to get help. Too much debt, especially if you don’t pay it regularly, can significantly affect your credit score. Set time aside to look up all the amounts you owe and what your various interest rates are so that you will know how much you are dealing with.