If you're struggling with debt, there are several debt management solutions available to help you. For instance, according to United States Courts, Chapter 7 bankruptcy can help a person get their debts discharged within 90 days. However, if bankruptcy is not the right option for you, you can always consider debt counseling. Here are some top signs that indicate you may need debt counseling.

1. You Can't Get Rid of Your Debt

Do you make your monthly payments on time, but still can't seem to pay down your debt? Chances are, you're only making the minimum payment, which is why your debt isn't budging. The problem with making minimum payments is that you aren't doing much to pay off the principal amount. Instead, the small amount you're paying is only going to cover the interest, which will keep accumulating as long as you have the debt. The good news is that debt counseling can help you come up with an effective payment plan that can help shrink your debt.

2. You're Stuck in a Vicious Cycle of Debt

A vicious debt cycle is one of the worst situations you can end up in. You may need to keep borrowing to stay afloat and as soon as you have paid off one loan, you find yourself borrowing again to make ends meet. In such a scenario, it might seem like there's no way out, but there always is! Instead of borrowing from one person to pay another, seek out a debt counselor that can help you escape the trap of continually relying on credit to stay afloat.

3. You're Failing to Come Up With a Workable Budget

If you want to stay financially afloat, it's important to first create a workable budget. This budget must be practical and realistic. Remember that the goal of a budget is not to deprive or limit you. Instead, it's a guideline for the best way to use your money that won't leave you with the need to apply for more credit. The right budget will also help you manage your expenses and encourage you to save money for a rainy day. A rainy day fund is always handy for those expected expenses, and the best thing about it is you won't get charged interest on top.

If your debt has become a problem, you don't have to tackle it alone. We have debt counseling professionals available to help you, so don't hesitate to contact the Financial Counseling Center today.