SAVANNAH, Ga. (WSAV) – If you worry a little or a lot about debt, Consumer Credit Counseling of Savannah says it may be time to take a quiz.
It’s called Debt Monsters and with just a few questions, you may gain some insight into how you’re honestly doing with debt.
“What we’ve consistently heard from clients is they wished they would have come in sooner so they would have had more options and their debt wouldn’t have been so high,” said Richard Reeve of Consumer Credit Counseling. “You just take these five questions and it will score you and give you a monster result and then some action steps to take,”
The questions include listing the debt you have and whether certain kinds of debt such as an auto loan or credit card debt scare you or worries you. It also asks if you are missing some payments or just making the minimums.
If you get a red monster, you’re definitely in trouble and could likely benefit a great deal by visiting a counselor. But Reeve says it you get a yellow score, you are getting close the trouble zone.
“And the place we identified is that yellow zone, it is when debt balances, specifically credit card balances are not going down,” said Reeve. “So, over a sustained period of time the balances are not going down, that’s when we want folks to reach out.”
“One of the things we hear all the time is people feel like they’re spinning their wheels. they say these balances on my credit card are not going down and I feel like I’m paying just interest every month and that’s it or I’m charging up this amount and paying down that amount and it’s staying the same,” said Reeve.
The Federal Reserve says the number of people 90 days behind in credit card payments is up by five percent. And we’re told that in Savannah, 32.3 percent of credit card borrowers are using ovee75 percent of their credit limit which is considered a warning sign.
Reeve says it can be hard to admit you’re going in the wrong direction but getting advice is better than doing nothing. “We will then work with a client to come up with an action plan -nothing overwhelming, just some steps to take to get them back on track and going in the right direction or to prevent it from getting worse,” he told us.