Published On: Mon, May 10th, 2021

Resolvly Explains the Top Signs That You Have Too Much Debt

People often associate the term “debt” with very negative ideas – and for a good reason. While credit and debt can be helpful when it comes to big investments like a home or a college degree, debt can quickly get out of hand. As a leader in debt resolution, Resolvly, LLC knows the signs that go along with too much debt – and how to fix them. You may also want to consider using some debt solutions like this individual voluntary arrangement (IVA) which is a formal and legally binding agreement between you and your creditors to pay back all, or part of your debts over a period of time at an affordable rate.

6 Signs You Have Too Much Debt

A critical aspect of avoiding debt that feels uncontrollable is knowing when you have too much. This list explains what it means to have “too much” debt – and what to do if you need help.

1. You Cannot Build Your Savings

If all your money is being spent on paying off your debt, it is impossible to build out the best high yield savings account or an emergency fund. Not having this financial cushion can cause further issues down the road. For example, if an unexpected cost occurs or you are let go from a job, you will have to rely on more credit, which can cause you to fall deeper into debt.

2. You Can Only Make Minimum or Late Payments

If you can only make the minimum payments on your credit cards, you are accruing interest that can lock you in a permanent “debt cycle.” This is especially true if you feel that you are performing a “balancing act” when determining which credit card you can use to pay different amounts.

Additionally, if your budget is too stretched to make bill payments on time, your credit will continue to take a hit. Both of these symptoms of too much debt show up as “red flags” to credit card companies and businesses that need to run your credit.

3. You Can’t Get New Credit or Have Been Denied

Being denied new credit is a straightforward message from your credit company: you have too much debt. Credit companies view credit as an investment. They only want to give money to those who will pay it back. If you have too much debt, you’re seen as a risky investment.

4. Your Checks Bounce and You Need Cash Advances

If there isn’t enough money in the bank when cashing a check or use cash advances from your credit cards to pay other bills, you are attempting to use money you don’t have. This is a major sign that debt has become unmanageable.

5. You Feel You Have to Hide Your Debt or Your Debt Makes You Sick

Most people don’t discuss every part of their financial health with others. However, if you feel that you are “hiding” your debt from the people who care about you for fear of being judged, you might have too much debt. Additionally, if your debt is making you feel ill or anxious all the time, those are clear signs you have too much debt.

6. You Don’t Know How Much Total Debt You Have

Debt can feel like impending doom. If you aren’t sure how much debt you have, it’s probably because it feels like you have so much debt that the actual amount doesn’t even matter anymore. Many people hit this point and continue to spend because it seems that debt is inescapable.

Let Resolvly Help Eliminate Your Debt

Debt does not have to be a permanent state. When you need help to reduce or eliminate your debt, turn to the team at Resolvly.

Resolvly adds a personal touch to debt assistance. Our ultimate goal is to help clients with their current debt while empowering them to not end up in the same position in the future. We are devoted to helping our clients reach true financial freedom, and can assist with all types of unsecured debt, including credit cards, personal loans, medical bills, private student loans, business debt, and vehicle repossessions. And when looking for the ways to minimize your medical bills, better check out a helpful site like for great help!

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