No one wants to be in debt, it’s obvious. Think about it, why would you want to live everyday knowing that you owe someone money somewhere. Everyone who is in debt wants to get out, but they end up staying in debt. Why? Why do people stay in debt? Can you tell me? No? Well, I’ll tell you. There are a few reasons and they are listed below.
They Don’t Want to Change Their Behavior
Every single person who is in debt has, at one point, spent more money than they have. After all that is one reason you accumulated the debt in the first place. But, they become so accustomed to spending more money than they have they can’t stop. To get out of debt they have to go against what they have been doing. Some people do not have the willpower to do this. They can’t give up something that costs a lot for something cheaper. For instance someone has a new car and they won’t sell it to get a cheaper one.
Not Enough Income
Even if you have stopped excess spending and cut back as much as you can, it is possible that you will still be in debt, even when paying minimum payments. This is due to not having enough income and inability to receive more. Paying minimum payments will pay off the debt, but who knows how long that will take. The truth is, to get out of debt; you have to pay more than just the minimum payment.
They Become Attached
Sometimes people stay in debt because they are attached to their possessions. Usually, these attachments are to large purchases such as cars or homes. Like stated before, someone with a nice brand new car might not want to sell it for something cheaper. They think they will be less of a person. It’s really all about their ego. Once they have luxury, they can’t give it up.
Will Life Be Better?
People might say that debt really isn’t that bad. They ask the question “Will life be any better without debt?” Well I will answer your question. Yes, life will be better without debt. You become less stressed over payments and you will a more spendable income every month. Of course, you don’t want to spend too much or you will be back where you were.
They are Hopeless
Hopelessness is another reason people stay in debt. They think that they will never pay anything back and they just give up. It may be caused by too much debt, feeling of overwhelm, or not knowing where to begin. Giving up should not be an option here. Debt is a struggle, but it is not hopeless.
Once you find the reason you stay in debt, the easier it is to get out. So, go back through this article, find your reason, be debt free today!
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