It means "I have some trouble". This often relates to money, a financial bind.

It means that I am in a difficult situation. It's called a "bind" because it is hard to get out of.

Qaderi: In addition to Randy's excellent answer, you can consider a similar expression which you will probably hear at some point. "I am in a bit of a bind" means that you have a difficulty and must decide between choices. Another way of expressing the same idea is this: "I am caught between a Rock and a Hard Place". BIND itself, may be visualized in association with Ropes, since to be "bound" means literally to be tied up with ropes. If you were captured and made a slave, you would probably have your hands "bound" with ropes, and you might also have a rope tied around your neck. This is "Binding". So if you are in a Bind, you feel "Tied-Up". Any time you have a difficult decision to make, you can say; "I am in a bind." .