ACCC Reveals Key Signs You Might Be Headed Toward a Financial Disaster

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National non-profit American Consumer Credit Counseling invites consumers to determine if they are headed toward a financial disaster.

Although we all have good intentions when it comes to money management, it is easy to get off track. If you are able to recognize the key signs, you may be able to avoid a potential financial disaster.

Although many consumers may think they are good at managing money, financial disasters tend to sneak up without warning. In an effort to help consumers determine if they are headed toward financial disaster, American Consumer Credit Counseling has provided a list of telltale signs.

“Many consumers are unaware if they are headed for a financial disaster until it is too late,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “Although we all have good intentions when it comes to money management, it is easy to get off track. If you are able to recognize the key signs, you may be able to avoid a potential financial disaster.”

A study from has revealed that many U.S. consumers are only one step away from financial disaster. The survey revealed that only 38 percent of respondents have enough money saved to cover an unexpected expense, such as a broken washing machine or a trip to the Emergency Room. The other respondents said they would cover this expense in other ways such as reducing spending in another category (26 percent), borrow money from family or friends (16 percent) or charge it to a credit card (12 percent).

ACCC provides 5 signs you may be headed towards financial disaster:

1.    Living paycheck to paycheck – If you find you are living paycheck to paycheck, you may be on the verge of a disaster. If you have even one financial emergency, this can put you in a serious financial crisis..
2.    Dipping into savings – Although it may seem harmless now, dipping into your savings can cause devastating long-term impacts.
3.    Not paying bills on time – Paying your bills late leads to extra charges and can have a significant impact on your credit score. Some companies will even increase your interest rate after just one late payment.
4.    Refusal of credit – If you are denied from credit, you can be sure you are headed for a personal finance disaster. Being denied credit most often means your credit score is extremely low and the company views you as too high of a risk.
5.    At or over credit card limit – Credit scores are partially calculated by your credit utilization. Consequently, being at or over the limit will have a serious impact on your credit and could lead to denied loans.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  •     For credit counseling, call 800-769-3571
  •     For bankruptcy counseling, call 866-826-6924
  •     For housing counseling, call 866-826-7180
  •     Or visit us online at

About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. In order to help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loans, youth and money, homeownership, identity theft, senior living and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to or visit

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Marissa Sullivan
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