Many Australians struggle to pay back their credit card debts. Statistics show that, on average, a credit card holder has $4,291 worth of debt.

This amount would take roughly 30 full years to pay back.

For some people, this may not be an issue. But for many, repaying credit card debts is an ongoing uphill battle.

On top of credit card debts, recent numbers show that Australians have more personal debt in general than any other citizen from any other country around the world.

While there is no need to be alarmed over some debt – particularly if it’s “good” debts that will provide you a return in the future or has been taken out to purchase property – you need to be careful with “bad” debts.

Here are 6 warning signs that you may be in real financial trouble:

1. Your debt-to-income ratio is too high. A high debt-to-income ratio may indicate financial trouble as there is too much debt compared to the amount earned.
2. You can only afford the minimum credit card payments. If you are only repaying the minimum amount, you will be paying multiple times the original amount in the future. Only paying the minimum can also lead to years of debt.
3. You’re missing or making late payments. Are delayed payments becoming a pattern? Constantly missing or making late payments is a red flag for serious debt problems.
4. You’re ashamed of your debt. Have you been lying to your family and friends about how much you owe on your credit cards? This might be a sign of you taking on much more debt than you can handle.
5. You’re dipping into other credit to repay your debts. A big warning sign you are in financial trouble is if you are borrowing money or taking a cash advance from another credit card just to pay back your credit debt.
6. And the last sure-fire sign? You’ve maxed out on one or more of your credit cards. If you’re using around 70% of your available credit, this is a likely sign you are in trouble.

If you are drowning in snowballing and uncontrollable credit card debts, seek the professional debt advice and assistance you need today. For those who are too far into their debt, bankruptcy may a suitable solution. To explore your options, speak to a qualified debt and bankruptcy adviser today by calling 1800 462 767.