Debt may seem like it’s normal and will always be a part of your life, but it isn’t and it doesn’t. As Dave Ramsey says, “Debt robs your present and steals from your future”. There are many reasons that people continue to live in the cycle of debt instead of living debt free. But don’t fall for the lies. This week we will look at the 12 reasons people stay in debt.
#1: They don’t want to make sacrifices. To change your life, you will have to make some changes. This may mean sacrificing your morning starbucks or lunch out everyday, but these sacrifices don’t have to be forever. They are short-term changes for long-term results.
#2: They want to keep up appearances. Why are we trying to impress people we don’t like with stuff that we can’t afford? “Keeping up with the Joneses” is exhausting and stressful. Don’t fall into the comparison trap.
#3: They’re addicted to stuff. A lot of people in debt love stuff, the more they have, the better they feel. But it’s all fake and they can’t actually afford all the stuff. It ends up weighing you down. It’s about actually affording the stuff, not just the monthly payment.
#4: They’ve lost hope. It can be easy when you’re in debt to not see a light at the end of the tunnel and feel like you’re not making any progress at all. Or you don’t know how to make a move to get out of debt. This is where I can help give you insight and direction. As a Financial Coach, I can show you the light and help you achieve your goals.
#5: They don’t make getting out of debt a priority. The road to hell is paved in good intentions. Many people keep putting it off until next month. You have to make it a priority in your budget and your life.
#6: They don’t know why they handle money the way they do. Learning about money starts with our parents, good or bad. Learning why you handle money the way you do will help you achieve your goals even faster. You may have to learn to change our mindset about money.