Many people don’t realize, until it’s too late, that they’re on the slippery slope to financial ruin. BankRate.com says there are many signs you are flirting with it.

Late-night cable TV advertising offers “debt settlement” for a fraction of amounts owed, but this is a scam that can leave you in a deeper hole. The only legitimate sources of help (besides bankruptcy lawyers who charge large just to get started) are the National Association of Personal Financial Advisors (tulsaworld.com/napfa or 847-483-5400) to find “fee-only financial planners” and the National Foundation for Credit Counseling, (tulsaworld.com/nfcc or 800-338-2227) for low-cost credit counseling.

Paying late fees, juggling bills: Always running up late fees has two causes: paying late because you can’t pay on time or paying late fees just because you’re lazy. A more serious symptom of financial distress is juggling monthly bills by making payments big enough and frequently enough to keep services flowing, but never paying balances on time and in full – causing debt to worsen every month as balances grow, says the BankRate website.

Windfalls: Basing financial plans on future payoffs – inheritances, run-ups in home value, big tax refunds – can put your finances in dire straits. This is symptomatic of a bigger problem: rationalizing debt and not following a logical payment plan. You’re planning on a bonus that never materializes, or you pull more equity out of your property.

Multiple credit card hocus-pocus: Credit cards are a convenience to buy without carrying cash and to earn rewards. Use them for groceries, gas, eating out, hardware and online buys but only if you pay them off at the end of each month. If your card debt is rising and you’re unable to make more than the minimum payments, your balance will continue rising. Failing to make minimum payments for more than 60 days gets you a rate increase and makes your financial condition even worse.

Finance fighting with partners: Couples have occasional fights over debt, but if they regularly fight about money, it’s a sign there’s not enough disposable income to finance their spending habits. Seek nonprofit credit counseling.

Overdraft fees: Always getting overdraft fees means you are on the brink of financial disaster. “Non-sufficient funds” notices are like hurricane warning flags – they’re not so much warnings as they’re declarations that a real problem is here now. Regular overdraft fees indicate serial overdrafting by people who don’t have the income to cover their debts.

Borrowing retirement funds: Borrowing from a 401(k) is common to those in financial distress. Taking 401(k) loans is always a bad idea under any circumstances, and when you have taken out more than one, it’s a sign you’re not managing your cash flow very well. It lessens the beneficial effects of compounding that makes retirement funds grow.

Home a piggy bank: Using your home equity as a financial crutch is especially ominous. Home equity loans for frivolous things – cars, vacations, 3-D TVs, etc. – and amortizing it over 15 to 20 years makes no sense.

Counseling services help manage debt

Got debts? The Credit Counseling Centers of Oklahoma’s got solutions.

Credit Counseling Centers of Oklahoma Inc., 4646 S. Harvard Ave., (918-744-5611 in metro area or outside the Tulsa metro area at 800-324-5611, or email customerservice@cccsofok.org) is an “educational, not-for-profit agency offering money management and credit education through confidential counseling sessions and community workshops.” Its services include budget and credit counseling, debt repayment plans, housing counseling, pre-bankruptcy credit counseling, pre-discharge personal financial management courses, etc. Visit the agency online at tulsaworld.com/cccodnn

Any member of the community may use its services. It does not pre-screen clients for eligibility. No one is denied services for inability to pay the fee, and there is no fee for the initial budget and credit counseling session. Clients participating in its “debt management plans” are charged a $25 monthly administration fee as a part of the plan. Its Pre-Bankruptcy Credit Counseling and Pre-discharge Personal Financial Management Courses are $50 each.

The nonprofit agency is funded by client fees, creditor contributions, Tulsa Area United Way, community grants and private donations. The agency has been in operation as a nonprofit educational agency for 40 years and has three other community-based offices to better serve clients: Claremore (104 S. Missouri, Suite 205); Sapulpa (19 N. Main) and Broken Arrow (317 S. Main St.).

It is a National Foundation for Credit Counseling member, ensuring it has the highest standards for credit counseling services. It is accredited by the independent Council on Accreditation and submits to annual independent audits of all financial records. It has a volunteer board of directors representing the communities served (including this writer).

It is a member-agency of the Tulsa Area United Way and undergoes its annual review measuring the effectiveness of its services, as well as its fiscal responsibility and accountability.

CCCO has been in operation here since 1968, was incorporated in Oklahoma in 1970, first appeared in Better Business Bureau inquiry records in 1993 and has been a “BBB Accredited Business” since 2002. It maintains an “A+” bureau rating with no complaints reported – tulsaworld.com/cccobbb