There is a loan available for pretty much everything these days – holiday, electronics, clothes, books and even medicines. Though easy availability of credit gives you more purchasing power, it can also easily push you into a debt trap, if not managed responsibly.

If you find it difficult to pay your dues and are left with no money to save by the end of month, you may be headed towards a debt trap. Take this 8-question quiz to find out.

1. Is more than 40% of your salary going towards EMI payments?

Yes

No

2. Do you make only minimum payment on your credit card bill?

Yes

No

3. In the past one year, have you borrowed to repay your credit card bill?

Yes

No

4. Have you ever taken a personal loan to pay off other debt?

Yes

No

5. Have you taken a cash advance more than once in the last one year?

Yes

No

6. Have you borrowed more than twice from your friends or relatives in the last one year?

Yes

No

7. Do you get repeated calls from collectors for late payments?

Yes

No

8. Do you go broke by the 25^th every month?

Yes

No

Score

If you answered yes…

1-3 times: You may be borrowing occassionaly during emergencies or in need, but your finances are safe from debt

4-6 times: Your debt situation is going out of hands. Start streamlining your dues and chart out a plan to get your debt under control

7< times: You are knee deep in debt and need to tackle it head-on. Consult a professional adviser to build a repayment strategy.