By Liz Pulliam Weston
Watch out these red flags ... if you're ignoring them, you may be heading for financial disaster.
1) You have no savings.
You must have some kind of financial cushion to cover unpredictable expenses
2) You have no discretionary income.
You're unable to save since your fixed expenses eat up most or all of your income.
3) You're surprised by your bank balance or credit card statements.
4) You're carrying large credit card debt.
According the Federal Reserve - only one household in 14 carry more than $10,000 in credit card debt.
5) You don't know what kind of mortgage you have or when the payment resets.
6) You're underinsured - health or life
7) Your business (or rental property) is losing money.
8) You're borrowing from one lender to pay another.
This includes using cash from one credit card to pay another.
9) You've missed payments on any loan.
10) You've taken out a payday loan.
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