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Do you need a financial do-over?

By Marcie Geffner · Bankrate.com
Monday, May 14, 2012
Posted: 6 am ET

Plenty of people have such serious financial problems that they know they need help. And many of them find their way to the National Foundation for Credit Counseling, or NFCC, a national nonprofit credit counseling service.

Indeed, when the organization conducted an online poll in April, asking people to describe the state of their personal finances, a whopping 80 percent of more than 1,400 respondents admitted their finances were in need of a major overhaul.

"It's encouraging that people recognize how perilous their financial situation has become," NFCC spokeswoman Gail Cunningham said in a statement. "Now they need to take action to resolve the problem and keep it from spiraling out of control."

Yet sometimes consumers can't be entirely sure whether their finances need a do-over or are pretty much OK.

That's why the NFCC has put together a handy little quiz to help people self-assess their own situation.

Here are the 10 questions, all in true-or-false format.

1. My credit card balances increase each month.

2. There are arguments in my home about money.

3. I have thought about filing for bankruptcy.

4. Most of my credit cards are near the limit, so I've begun applying for new lines of credit.

5. I don't know the total amount that I owe.

6. In some months, I skip paying my bills or I pay late.

7. My debt interferes with my job or home life.

8. Debt collectors have begun contacting me.

9. Losing my job would cause an immediate financial crisis in my life.

10. I don't have any savings for emergencies.

Consumers who answer "true" to any of these questions can benefit from speaking to or meeting with a trained and certified credit counselor, the NFCC says. To locate an NFCC counseling agency, call (800) 388-2227 or, for assistance in Spanish, (800) 682-9832.

Follow me on Twitter: @marciegeff.

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