Warning signs your debt is no longer manageable

(InvestigateTV) — Many people wait until they are struggling to keep up with bills before seeking help with debt. Debt relief attorney Leslie Tayne said reaching out earlier can help protect a credit score and long-term financial goals.

Tayne said the first step is understanding why payments are being missed in the first place.

“Is this a one-time event where this is an emergency and you need to use the money, or are you finding on a regular basis that you’re not meeting your financial obligations and therefore having to use your credit card and accumulate other debt?” Tayne said. “So the time to really ask for help is when you start to feel uncomfortable about the bill-paying process.”

Tayne said seeking professional guidance early can help identify strategies before missed payments and late fees begin to affect a credit score.

“Whether that’s researching online, reaching out to a professional or reaching out to an attorney or a friend who’s gone through a similar situation — you’ll know when you don’t feel comfortable with your current bills and the amount of debt that you have,” Tayne said. “That it starts to feel uncomfortable in that space, that’s the time to start reaching out.”

Tayne said shame is a common reason people avoid discussing their debt, often out of fear of being judged. She said falling into debt is a common experience, and working with a professional can help people step back, think clearly and build a real plan to address it.