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Some signs of financial distress for Ohio residents, Part 1

Many Ohio residents have been hit hard by the economic recession. It is common to work paycheck to paycheck and try to maintain a budget for households throughout Cincinnati. At times, the total income for a household, however, is not sufficient to cover the monthly bills. Experts say there are a number of signs that point to a true financial problem where seeking some sort of debt relief can be beneficial.

Filing for personal bankruptcy may be the best option for some Cincinnati households. A chapter 7 bankruptcy can provide a fresh start for consumers who are struggling with unmanageable debt.

Jessica Cecere is the president of a Southern nonprofit credit counseling agency. She says many people know their financial affairs are not good, but many "just don't want to face up to it right now." Experts point to a number of signs that can help Ohio residents evaluate their own financial condition.

Fighting over household finances

Experts say that many couples have occasional fights over money. Regular fights over the household budget can be a signal that there is not sufficient disposable income to sustain a family's spending requirements and habits.

Regular overdraft fees

Regular overdraft fees are a sign of a real financial problem. Some experts say that regular overdraft fees are a good sign of financial distress and coupled with outstanding debt overdraft fees can be a sign that an individual is on the verge of having to file for bankruptcy.

This blog will continue the discussion about some of the signs Cincinnati residents can use to evaluate their own personal finances. An analysis of personal finances can be beneficial in knowing when to seek debt relief during these tough economic times.

Source: Fox Business, "Eight Signs You're Flirting With Financial Ruin," 8 Jun 2011

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