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7 Common Excuses That Keep You In DebtAugust 14, 2018
Many people who are debt-laden have at least one thing in common. Excuses. Sometimes, more than circumstances, it is these excuses that are responsible for an individual’s financial condition. If only people could change their mindset, they would find that getting out of debt is not really that difficult. Following are a few excuses that people make for their indebtedness, and what they can do to extract themselves from the situation.
- My income is not high enough. Even if you are not making a lot of money, you can always try to cut down on unnecessary expenses. Creating a budget and tracking all your expenditures will help you identify where all your money goes every month, and you can take steps to curb needless spending. This will provide you with some extra money you can use to pay down your debt. Else, you can try to increase your income by getting a part-time or second job, or by turning a hobby into a side business.
- I don’t know where to start. If your debt load is huge, indeed it can become quite overwhelming to know where to begin. You may be swamped by despair, and feel that you will never manage to pay it all off. In such situations, a good approach is to first use a debt payoff calculator to figure out how long it will take you to pay off your loans based on the payments you can make. To your surprise, you may find that it will take much less time than you anticipated. You should also put in some effort to research the ways in which you can get rid of your burden. For example, you can opt for balance transfer cards, debt consolidation, or even engage the services of a debt counselor.
- I consistently make the minimum payment due. If you are hard-pressed for cash, it is easy to convince yourself that you just need to make the minimum payment due on your credit card each month. However, this practice will only increase your problems, as interest will keep piling up every month. Instead you should pay off as much as possible, and, of course, make sure that you don’t add to the balance.
- I’m waiting for my conditions to improve. What if you never get your dream job, or what if you don’t get a raise for another few years? By that time, thanks to interest, your debt will have reached unmanageable proportions. A better approach is to start paying back your debt now, so that you can make at least some dent in your interest bills.
- I have other financial priorities. We agree that it is equally essential to save up for retirement as well as put funds away for your child’s college expenses. However, you need to find middle ground. It doesn’t make sense to save money at low interest, while you’re incurring high interest.
- It is not inconveniencing me in any way. Sometimes the effects of debt are not obvious, but they are there anyway. Try simply calculating the amount of money you pay as interest each month – with no intrinsic value to you! By making a sincere effort to pay off your debt, you can do yourself a favor, instead of your creditors.
- Hey, everyone carries debt! While this is true for many Americans, it is certainly not true for all! Moreover, just because others are hurting themselves, doesn’t mean that you need to do the same. By dedicating a little amount of time towards this problem, you can get rid of it forever. Just make a list of the amounts you owe, and figure out a budget that will help you pay off your debts. By tackling the problem with determination, you will surely succeed in overcoming it.
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