Financial warning signals

There can be different kinds of warning signals when it comes to your finances. For example:

• You often have to postpone the invoice due date and/or ask for more time to pay your bills.
• You have to think about how you will be able to pay your bills and debts. Financial concerns may cause you stress and affect your sleep and well-being.
• You have several payment plans and they burden your finances. If you have difficulties in following your existing payment plans or you have too many of them, you do not have enough money to cover other everyday expenses.
• You feel that you do not have enough money to live on after paying your bills and debts.
• The loan principal does not decrease. The interest rate on your loan or the fees may be too high, or the repayment period may be too long.
• You take out a new loan to pay your bills, debts and living expenses.
• You must take out a loan even for small purchases. You do not have any extra money to buy a new household appliance to replace a broken one, for example.
• Paying off debts with a new debt is not a good solution, even if you were only trying to avoid a payment default entry or enforcement. It will often make things worse and will not improve your overall situation.
• You do not want to open any money-related letters, such as letters from the debt collection agency or the enforcement authorities.

If you notice any of these warning signals in your own finances, consider what kinds of changes you could make to improve your financial situation. For more information, please see our page Financial self-help. If you need help, you can contact a financial and debt counsellor through various service channels free of charge.