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What’s Keeping You in Debt

Right now, you may be one of the millions of Americans who are in debt. Whether you have student loans, mortgages, credit card bills and other types of consumer debts, it is a common agreement that debts will continue to weight us down.

However, if you have not tried taking the steps towards debt freedom, you will find that you will always be in debt and that can go deeper by the day. If you dissect your habits towards finances, you might find that there are things that you do wrong that are keeping you in debt.

You splurge without thought. Sometimes you call this as rewarding yourself. While there is nothing wrong about rewarding yourself especially if you worked hard to earn what you have, there is definitely wrong about rewarding yourself meaninglessly. You might do it too often and chose all the wrong (and expensive purchases) all the time. You may also be doing it at the expense of your needs, like food, utilities and debt payments.

You believe that cash loans will always be at your disposal. That’s true: cash loans are now at your disposal, especially the ones that you find online. You take cash loans today to pay the fancy dinner tonight with your date. You don’t have no qualms about taking another cash loan even if the previous ones are not yet paid. You have bad credit and you don’t care. Such nonchalance about your finances, particularly about the cash loans you take, will haunt you sooner or later. Creditors are bound to be sending you notices of collection.

You don’t have a budget. What you need is a simple budget that allows you to see the breakdown of your expenses, where you overspend and where you can cut off to have extra money. But you don’t have one. Begin listing your income on one side and the expenses on the other. If you have more expenses than what you earn, then you are definitely living beyond your means. And you go into more debts because your income can’t afford the lifestyle you have right now.

You believe that having debt is normal. It may certainly be since you are not the only person in this world who does not have debt. But this mentality can cripple your finances significantly because you will keep coming back to the first three mentalities. If you make yourself a deviant to the norms, then you will feel how liberating it is to be free of debts.

You only treat the symptoms of your debts. You know you’re in debt because the bank has sent you a reminder or when the person who you owe money hinted that he now needs the money. So you go scrape up some cash and pay the debts off. You are happy to have them finally behind you, but one day later you are back to your old ways of mindless spending.

If you still believe that your finance is just a matter of having the right number, then you will certainly be in debt soon. You can use those numbers as motivation, but you also need to change your mindset and attitude towards money.

It is easy to slip to the temptations of what money provide you with, but if this is just temporal happiness at the cost of your more important bills and expenses, you will certainly do into debt. Take a look at your life right now and determine where your finances stand. It might help you get out of debt if you try to respect money and spend with discernment and integrity.