7 debt questions to ask yourself

These 7 questions will help you determine your real financial situation. Answer truthfully.

Take the test


Yes No

I refuse to admit it
1. Do you use your credit card to pay for groceries or rent because you have no other option? In other words, do you use your credit card out of necessity instead of by choice?
2. Do you use your credit card to buy things you wouldn't be able to if you had to pay cash?
3. Do you lie to your friends and family about purchases and how much they cost?
4. Do you borrow money from friends, colleagues and family members?
5. Have you ever asked for a cash advance on a credit card to make the minimum payment due on another?
6. Do you write cheques for more than you have in your account saying you'll make a deposit to cover them later?
7. Do you often go over the amount you've allocated for yourself in your budget?
Total: 0/7 0/7 0/7

Now what?

  • If you answered mostly "No" (more than 3 out of 7), you are in an enviable position. For the moment, you're not in danger of getting over-indebted or using credit unwisely. Stay vigilant and informed.
  • If you answered mostly "Yes" or "I refuse to admit it" (more than 3 out of 7) you're in debt or over-indebted. It's imperative that you and your family learn how to use credit to your advantage and not let it ruin your financial health. Tackle the difficult task of paying off your debts with every ounce of will you can muster.