Each individual consumer has his and her reason why they might be struggling with debts. Maybe someone relied heavily on loans and credit cards in order to finish and pay for college. Maybe another person was laid off and had a mortgage to pay and a family to support. Maybe someone was injured or sick and has a pile of medical bills that required the use of credit cards.
To put it simply, there are situations that lead to credit card debts that are sometimes unavoidable. Because life is filled with expensive surprises, there are habits and mindsets for consumers to avoid in order to prevent debt from taking over their lives.
These are just a couple of attitudes and habits that can get consumers in unnecessary debt trouble:
You might love your friends, but when they post pictures of their new houses or vehicles you still feel a tinge of jealousy in your gut. It is one thing to admire what others have; it is another to hurt yourself in order to try to keep up with them. Try to be happy for others who (hopefully) have saved up or worked hard to afford the things that they like.
There is the common college-goer saying: “Work hard, play hard.” Once we grow up a bit, that ideology changes a bit to more of a “Worked hard, spend more” attitude. People are working harder and harder and more hours these days just to keep jobs and a roof over their heads. By the end of the week, the feeling that the hard work warrants fun purchases is tough to ignore. To deserve something isn’t to be able to afford something. The joy of having a new car is greater once you have it because you could truly afford it without getting into credit card debt.
Habits and unfortunate situations can add up to create a mountain of debt that some can’t foreseeably get over. In some circumstances, filing for bankruptcy or seeking another form of debt relief with the help of an attorney is the best way to find one’s way over or around that daunting mountain of debt.
Daily Finance, “5 Reasons Why You’re In Debt Up To Your Eyeballs,” Ginger Dean, Oct. 12, 2013