If you’re just about managing financially, you might not think you have a debt problem.

But if your finances are a bit of a mess and if you, even occasionally, struggle to keep up with your debt payments, this could indicate that your debt is a bigger issue than you realise.

Facing up to these problems can be really hard. And it can seem far easier to simply ignore the problem, shove your bills in a cupboard somewhere, and hope it will all go away. 

Unfortunately, it doesn’t work like that, and the longer you ignore your debt problem, the worse it will get.

So here are the top 10 warning signs that your debts could be spiralling out of control.

Minimum monthly repayments are typically set at ridiculously low levels. This means that if you’re only managing to pay this amount, it’s going to take you a long time to pay off your credit card debt in full. Not only that, but you’ll end up paying far more in interest before you clear your balance.

If you’ve lost track of how much you owe and have no idea how you ended up in debt, you’re probably overspending. Losing track of what you’re spending where is not a good idea, especially if you’re spending large amounts. It indicates you’ve really got no control over your finances.

3) You’re borrowing more to pay off your debts

Borrowing more and getting further into debt to meet your other debt payments is a dangerous path to follow – particularly if you’re using payday loans, logbook loans or credit card cheques.

Equally, if you’re taking money out on your credit card just to cover monthly payments on other debts, you could find yourself in serious trouble in the future. Find out more in Six dangerous ways to borrow.

4) You’re spending more than you earn

If you have no idea what your budget is and you’re spending more than you earn each month, or you’re not sure whether your salary is covering your expenses, you could be in serious trouble.

5) You use your credit card to pay for everyday spending

If you regularly use your credit card to pay for necessities such as food or petrol and can’t afford to clear the balance each month, your debts will continue to build up and put more strain on your finances. 

6) You’re regularly late paying bills

If you regularly fail to make your bill payments on time, your cheques bounce, or you overspend on your credit card or overdraft, you’ll incur extra fees and charges from your bank. This will drive you further into debt and could also damage your credit rating.

7) You don’t have any savings

If you’re unable to put even a little money aside into a savings account each month because your debts are too high, that’s not a good sign. Having said that, it is usually wise to pay off your debts before starting to save – so it’s the right strategy, but don’t be blase about it: it’s a sign that you are struggling.

You find it hard to talk about your situation

If you find it difficult to be honest with your friends and family about your debt problems, or you’re lying to them about your spending habits, you could be in denial about your debt.

9) You’ve been rejected for credit

This could be because you’ve already got too many credit cards – even if you no longer use them – or because you’ve missed payments in the past.  All of this can damage your credit rating. Find out more in What REALLY damages your credit rating.

10) You’re constantly worried about your finances

Recent research from talkaboutdebt.co.uk has revealed that 61% of people in serious debt aren’t sleeping due to debt stress, and 29% have taken up to six months off work. If your money problems are affecting your working life, leisure time, and how you sleep, it’s time to seek help.

Help yourself

If any of the situations outlined above apply to you, you’re probably feeling concerned. Debt can have a serious impact on your life, but the important thing to remember is that you don’t have to deal with it on your own.

Simply talking about your financial problems with your friends and family can feel like a huge weight has been lifted off your shoulders. What’s more, it’s a big step in helping you to face up to your debt problem.