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If you’ve been following my blog for a while you probably don’t need me to tell you about the effects debt can have on your life. With its vice-like grip, debt can restrict what you do with your life in the present, and it can sabotage your chances of financial freedom in the future.

Thankfully, there is light at the end of the tunnel. By making changes in your life, it is possible to climb out of the debt pit. It’s better than the alternative, and that is staying in debt forever. But that is what will happen if you don’t heed the following? Here are three common reasons people stay in debt.

They continually live above their means

Despite their limited budget, some people treat themselves to things they can’t afford. They compare themselves to others, and decide if ‘they can have it then so can I.’ They socialise with friends, choosing to do those things that cost a lot of money instead of socialising frugally. They do all of these things and then rely on credit cards and bank loans to keep to this expensive lifestyle. And so the debt grows.

Are you one of these people? If so, curb the temptation to spend, be happy with who you are and what you have, and start to live a lifestyle that corresponds with your income.


They are scared to make important life changes

Sometimes, large steps need to be taken to lower or eliminate the debt in our life. And that is where fear sets in. For example, some people are afraid to change their job, despite not earning enough in their current position. Some people are afraid to move home, even though their current property is overwhelming them with high expenses. And some people are afraid to admit they have a problem, so rather than speaking to friends, family or debt professionals, they continue to struggle onwards.

Are you one of these people? If so, consider the possibility of another job, and talk to a careers counsellor if you need support and advice. If you are living in a property that is eating up your finances, find ways to reduce your bills, or consider downsizing, using the advice of The Advisory to sell your home quickly. And if you are afraid to speak to others about your debt problem, think of the alternative. Sure, you might have to swallow your pride, especially where friends and family are concerned, but isn’t that better than struggling alone?


They don’t consider the future

The future isn’t a long way; it’s tomorrow. But many people don’t think far enough ahead and plan for their futures, and that is problematic. For starters, there is the ‘live for today’ mentality that dictates the way people spend their money. Some people neglect to put money into savings or an emergency fund, and that can create more debt when a disaster arises, and money is needed to recover. And some people resign themselves to their financial position, instead of taking some of the steps we discussed earlier to improve their future.

Ar you one of these people? If so, plan for tomorrow. Budget your money, and think about your future goals. Open a savings account and begin an emergency fund to protect your financial future. And don’t submit to the way your financial life is now. Speak to a debt charity, and let them help you climb out of the debt pit and into a better life.



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