Why People Live In Debt

Anyone would agree, that debt is one of the worst aspects of our lives as Americans. And most people carry around debt balances for a long, long time.

So what’s the problem, that causes so many people to live with their debt, instead of paying it off?

Here are 5 common things most people just can’t seem to do without, even if it means living in debt for years:

#1: People don’t want to give up the lifestyle they have.

If you’re living comfortable in a nice area, with lots to do and see, it will cost you some cash. Once you’re living to high standards, it’s hard for most people to downgrade to a more simple life.

#2: People like nice cars, and are willing to get in debt for them.

Driving around a nice car makes you feel good, and makes it nice to travel around town. Yet it’s not very nice when you have the car payment to make each month. But that’s easy to forget, until the day your payment is due.

#3: They want to have fun, and go places now, not later.

People used to plan for trips for a long time, and save their cash over time to be able to afford them. These days it’s just too easy to put it all on a credit card. Even though you may not pay off your trips and fun for years.

#4: If you want to go to college, you most likely will have to take on big debt.

This is just a fact of life in modern times, that if you want to prepare yourself to have a good job and a career that will support you most of your adult life, most people turn to college. Which is getting more expensive every year.

#5: People want their own home, instead of renting.

Part of “the American Dream” is owning their own home. As nice as that may be, it comes with heavy financial pressure for many. Each month you have to pay the mortgage, plus taxes, plus insurance. Then as any homeowner knows, you’ll have to pay for any repairs and problems that sprout up, which can seem to happen every month.

So what’s the secret to breaking this pattern, and finally living a life that doesn’t keep you in debt?

You’ll find the answers right here.

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