Bills are unavoidable, but there comes a time in many people’s lives where they struggle just to stay afloat. If your debt-to-income ratio exceeds a healthy amount, you could wake up every morning feeling ill at the prospect of never climbing out of debt.
There are ways to better your circumstances, even if you are having difficulty finding a better-paying job. First, though, you need to identify the signs of living beyond one’s means to see if they apply to you.
You Have No Money to Save
Do you find that you cannot save money because most or all of your income is claimed by debt payments or living expenses? Some people even owe more each month than they earn. If you feel like you’re living paycheck-to-paycheck, you are likely living beyond your means.
Debt Defines the Majority of Your Expenses
You can’t avoid grocery bills, utility bills, and living expenses. However, if paying down debt — school loans, credit cards, car loans, second mortgages, etc. — defines the majority of your expenses each month, you are trapped in a situation that will be difficult to get out of without the assistance of a qualified attorney.
You Feel Hopeless
Right before they reach out to a bankruptcy lawyer in Erie, PA, many people experience a feeling of hopelessness. It’s hard to get up and go to work each day knowing you are still chained to your debt and that you’re not even saving money up for your retirement. Without that debt, you can find hope again.