Credit cards are useful financial tools when you use them correctly. Unfortunately, sometimes they may lead to financial trouble. If you use credit cards for emergency cash, long-term financing or quick solutions, they may end up hurting your credit and costing you a significant amount of money.

If it gets too bad, you may need to file for bankruptcy to start over. But how do you know if you are at that point? Here are some signs you are in too deep. 

1. You do not have a plan to get back on track

If you fail to plan, you are planning to fail. A warning sign you have a credit problem is if your timeline for repaying your debt is vague or nonexistent. If you keep avoiding the problem, you are probably in a lot of trouble. A specific time frame with a strict payoff date will force you to pay back your debt and give you hope that the situation will not last forever. 

2. You are sacrificing your savings

Is all your extra money going toward your debt payments? If so, your credit card problem may be out of control. You need to save money so you do not end up in an even worse financial calamity if something unexpected arises. If you are depleting your savings and emergency fund to handle your debt, you may need to consider bankruptcy.

3. You are using credit for necessities

Your regular earnings and wages should be enough to cover your everyday items such as food, transportation and clothing. If you find yourself relying on your credit card for your groceries or gas, you are probably in financial trouble. 

If you notice these signs in your life, you may need help to get back on track. Thankfully, bankruptcy is a useful tool for discharging some debt and rebuilding your finances to be stronger than ever.