--- title: "8 debt warning signs (and what to do when you spot them!)" date: 2018-06-22T15:13:01-04:00 canonical_url: "https://grantthorntonlimited.ca/en/debt-help-resources/articles/debt-danger-signals" section: Articles --- [ Back to the hub ](https://grantthorntonlimited.ca/en/debt-help-resources/articles) # 8 debt warning signs (and what to do when you spot them!) ![Woman sitting at a table stressed about financial situation after spotting debt warning signs](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/Web-image-square/_articleHero/6597/8-debt-warning-signs-to-keep-an-eye-out-for.webp) Debt is a part of life for most people, which can make it hard to tell [how much debt is ‘normal’ for your age](https://grantthorntonlimited.ca/en/debt-help-resources/articles/how-much-debt-is-normal-for-your-age) and what a debt problem looks like. Being able to recognize debt warning signs can help you ditch bad financial habits and prevent serious debt problems. People take on debt for a variety of reasons. For some, financial trouble can occur unexpectedly from an emergency expense or [job loss](https://grantthorntonlimited.ca/en/debt-help-resources/articles/a-guide-to-managing-your-finances-for-the-newly-unemployed). For others, a debt-prone spending personality can lead to high levels of debt. But, for most, debt gradually builds over time and typically doesn’t present itself as a problem until it’s unmanageable. So, how do you know when you need help with your debt? Here are eight common debt warning signs—the more that apply to you, the more concerning your financial situation might be. ## 8 common debt warning signs 1. You can only make the minimum payment on your [credit card](https://grantthorntonlimited.ca/en/debt-help-resources/articles/options-for-getting-out-of-credit-card-debt). 2. You pay interest and service charges on your debt because you can’t pay on time. 3. You receive [collection calls](https://grantthorntonlimited.ca/en/debt-help-resources/articles/stop-collection-calls-for-good) for non-payment of overdue bills. 4. You don’t follow [a budget](https://grantthorntonlimited.ca/en/debt-help-resources/articles/how-to-make-a-basic-budget-and-stick-to-it) or spending plan. 5. You take cash advances from your credit card or use [payday loans](https://grantthorntonlimited.ca/en/debt-help-resources/articles/how-to-get-out-of-payday-loan-debt) to keep up with monthly living expenses. 6. You hide overspending from your family or partner. 7. Your [wages are being garnished](https://grantthorntonlimited.ca/en/debt-help-resources/articles/wage-garnishment-how-it-works-and-what-you-can-do) or your assets are being seized. 8. You constantly worry about your debt. If any of these looks familiar, you may have a debt problem—or be heading for one. ## What to do when you spot a debt warning sign The good news is that identifying the problem is part of the solution. If you’re wondering what your next step should be, we suggest speaking with a Licensed Insolvency Trustee. Since everyone’s story is unique, we start by understanding your current financial situation, which allows us to determine all your options and [describe what each debt relief solution would look like for you. ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/what-happens-when-you-meet-with-a-lit) If you’re looking for support and want to learn more about your debt relief options, we’re here to help. [Book your free, no-judgment consultation](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) and start the road to debt freedom today. We look forward to helping you find the right debt solution for you. ## Latest articles [ ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/67684/assets-CP-square.webp) ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [What happens to your assets in a consumer proposal? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [ ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/65155/recreational-vehicle-square.webp) ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [### What happens to an RV, boat, or ATV loan if you file a consumer proposal or bankruptcy in Canada? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [ ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/63555/influencer-survey.webp) ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) [### Influenced into debt: How social media impacts Canadians' finances ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) ## Subscribe to our newsletter Get tips and tools to help manage your finances and live debt free. \*I agree to receive communications from Doane Grant Thornton. I understand that I can unsubscribe at any time. ## **Take the first step** to debt freedom Speak to one of our debt solutions professionals during a free, no-obligation consultation. [ Book a free consultation ](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) ## Related articles ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/67684/assets-CP-square.webp) ### [What happens to your assets in a consumer proposal? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) In most cases, a consumer proposal allows you to keep all of your assets while bankruptcy may require you to surrender certain non-exempt assets. 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[ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) ![A woman in scrubs sitting on a park bench looking at her phone, with imagery of social media likes and spending surrounding her.](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/63555/influencer-survey.webp) ### [ Influenced into debt: How social media impacts Canadians' finances ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) While social media may be free to use, the things it influences us to buy often come at a cost. As influencer marketing continues to grow, more Canadians are making purchases based on what they see online. 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