For most people, once they begin to access credit, it becomes a permanent way of life. Eventually everything in their work and personal life becomes about earning enough money to pay back those who have given you credit.
Each year thousands of other people are making use of debt review and breaking the debt cycle. They are changing their lives and futures for the better.
Why do some seem to be stuck in debt, with no hope of getting out in sight? Let’s look at a bunch of “bad” reasons to be stuck in debt.
IT’S TOO HARD TO GET OUT OF DEBT
This is a common view. Getting into debt is easy and quick, paying it off takes so long and is hard. It is just easier to stay as is.
USING CREDIT MAKE YOU LOOK WEALTHY & SUCCESSFUL
Living a lie is cool and it’s enough if everyone thinks you are rich. That’s enough to stroke your fragile ego. They don’t need to know about the sleepless nights and stress.
YOU ARE ADDICTED TO DEBT AND NEW STUFF
New stuff is nice. The newer version of the thing you already have is much better…somehow. If you don’t have it, people will think you are lame. It’s just a pity that the new one rolls around so often, and always cost more than the previous version. Time to reach for the credit card, again.
YOU GAVE UP ON GETTING OUT OF DEBT YEARS AGO
Debt has just become my way of life. It has been years since you thought about trying to get out of debt, besides, why bother?
YOU NEED YOUR DEBT NOW AND WILL PAY IT OFF LATER
You have other priorities right now. It is one of the goals you keep promising yourself you will get around to, but that day has not rolled around just yet. Hopefully you might get around to it before you die.
YOUR SPENDING IS OUT OF CONTROL
You just can’t help yourself. Impulse spending makes you feel happy, and you can’t do that without credit. The more debt you have, the more stressed you feel so, the more you need that retail therapy.
EVERYONE HAS DEBT
The entire world runs on debt. Countries have countless billions of Rands worth of debt. All your friends have debt, even rich people have debt. So, why shouldn’t you live under a mountain of debt and stress as well?
YOUR PARTNER IS NOT INTERESTED IN GETTING OUT OF DEBT
Even if you wanted to get rid of your debt, your partner is not on the same page. They feel that your debt is your problem, and feel like it’s a case of: your money, my money. Not being on the same page means, you can’t effectively change the way you are spending and saving as a household.
YOU DON’T MAKE ENOUGH MONEY TO LIVE WITHOUT DEBT
Only rich people have no debt right? Wrong! Most ‘well to do’ people have tons of debt and are stressed out, and ironically maxed out. It doesn’t matter how much you earn. Most people tend to spend more than they earn every month, no matter the size of their pay cheque. Maybe you feel that the money you earn is just not enough to facilitate the lifestyle that you deserve right now. So, getting into more debt is the solution to all your problems.
BUDGETING IS HARD
Budgeting means actually confronting your financial situation head on, and seeing how bad it really is. Who wants to think about that? That sounds really horrible and besides…math.
IT’S SO EASY
It seems that every shop, retailer, bank and credit provider are desperate to offer you credit (they are, consumer greed and instant gratification is how they stay in business). Once you have credit it is much easier to let the balance grow, than try to reduce it.
YOU DON’T HAVE A PLAN
You have no idea of how to even begin to tackle your debt. You never learned about debt at school and your family never talked about dealing with debt when you were younger. None of your friends want to talk about how bad it is, and how to get out of debt. So, instead of having a step by step realistic plan you have this vague idea that you should be paying off your debt…one day…somehow.
THESE ARE BAD REASONS
If any of these reasons resonates with you please don’t be surprised. These are some of the most common reasons why people live for years and years in the grip of debt with no light at the end of the tunnel.
Though credit can be a wonderful tool it is also one that can turn on you and leave you trapped for years if not decades of your life. You entire existence can be changed into one of working to pay your credit providers so they can make a profit while you scrape by.
If you are trapped in debt with no plan, it might be time for you to talk to a professional Debt Counsellor about ways you can spend less, earn more and settle your debt faster.