debt

8 signs you're flirting with financial ruin

Regularly paying overdraft fees
Regularly paying overdraft fees

If you're constantly incurring fees for overdrawing your checking account, you could be on the brink of financial disaster, says Wayne Blanchard, senior partner at Money Professionals Group in Orlando, Fla.

He compares nonsufficient fund fees, or NSF fees, to the nautical flags raised to warn of dangerous wind conditions.

"If you're getting a lot of NSF notices, that's a hurricane warning flag. It's here," Blanchard says. "That's not a warning, that's a real problem here now."

Regular overdraft fees can occur for a couple of reasons, says Blanchard. Many serial overdrafters are struggling financially and don't have income available to cover their debts, meaning they're likely on the verge of having to declare bankruptcy.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

When will debt collectors stop?

Dear Debt Adviser, I have a debt that's expected to be charged off and forgiven by my creditor. But what happens to third-party debt collectors? Can they still pursue me if the debt's inside the statute of limitations?... Read more

advertisement
Partner Center
advertisement

Connect with us