For most of us, having some kind of debt is simply part of life. We are aware that we have that car loan or the mortgage or some credit card debt. But when accumulating debt after debt, things can easily get out of control. Before you realize it, you are in way too much debt, and paying it off keeps getting harder.

Awareness is the first step towards solving an issue. So if you are wondering whether you have too much debt, here are five signs that will remove any doubt. Once you become aware of it, taking action can become easier.

You avoid calculating all your debts

If you are purposefully avoiding calculating all your debts, then you probably have too many. Following the “out of sight, out of mind” philosophy will do you no good when trying to get out of debt. 

When was the last time you sat down and took a look at all your debts? If you don’t remember it, it’s probably time to do so. Grab a pen and paper or an excel file and write down everything you owe. The truth may hurt but as they say, it will eventually set you free. Hopefully debt-free.

You are constantly late paying your bills

If you are struggling to keep up with your bills, that’s another sign you’ve accumulated too much debt. Being constantly late with paying your electricity bill or your car loan means you are struggling to keep up, probably because you don’t have enough income to allow you to pay everything on time. 

Which leads to the next point. 

You make additional debts to pay off your debts

If you need to ask your family or friends for money to cover for your mortgage or to pay your bills, that’s another red flag. While you may not have to pay interest on the money your friend lends you, it’s still a debt that contributes to your overall financial situation.

Accumulating debt can become a vicious circle where you keep borrowing money to pay off your previous debts. This is a clear sign that you have too much debt and you need to figure out another way to start paying it off. A way that doesn’t consist of creating additional debt. 

You have no savings left

If you’re creating additional debt it probably means you have no savings left. You probably even gave up entirely on the idea of saving any money because you barely have enough to pay the bills. 

Having a savings account is extremely useful for emergency situations or unexpected circumstances that can arise. If you have no savings left, you become even more vulnerable to accumulating additional debt whenever some unexpected expense comes up.

You are constantly stressed about your financial situation

Finally, if you are feeling constantly stressed because you can barely pay your bills and loans, it’s definitely time to evaluate the situation and make some changes. 

Stress can lead to a whole array of mental and physical health issues so you definitely want to avoid that. 

So if you find that any of the above is true, it’s probably time to figure out a strategy to start paying off your debt and stop accumulating more.