No one wants to carry debt forever, but unfortunately, some people end up living their entire lives with financial debt, whether it be to their credit card companies, student loan distributors, or the IRS. According to Ramsey Solutions, a financial literacy group affiliated with Dave Ramsey, 80 percent of Americans are saddled with debt. While it’s true that debt can sometimes be a result of time and circumstance – if, for example, you’re a recent graduate with new bills – debt can sometimes be attributed to a few particular habits. Here are a few habits that can make it harder for you to shed financial debt. Take our advice, and avoid practicing them!
An unwillingness to make sacrifices.
We all have to make sacrifices in life. This is particularly true for those of us who have financial debt. However, people who stay in debt don’t take their debt seriously enough to make sacrifices to get on top of it. Perhaps, they continue to eat out most nights of the week, or they insist on taking two vacations per year, instead of one. But, pressing pause on these luxuries temporarily could yield a lot of savings. Ask yourself: what are you willing to give up temporarily to rid yourself of debt?
A need to “keep up with the Joneses.”
It’s a tale as old as time: your neighbor pulls up in a new car, and you’re suddenly eager to trade yours in. Or, your best friend purchases a luxury handbag, and you want one of your own. Keeping up appearances may provide a temporary sense of validation, but it won't minimize your debt. In fact, many people who keep up appearances often take on more debt to do so. Focus on your own financial goals and build lasting security, making you happier over the long term than a new car.
An addiction to material things.
It may sound silly, but many people in debt are addicted to having lots of things. Whether it be a closet of brand-name clothes, a tall stack of expensive video games, or a home office crowded with costly tech gadgets and computer gear, if you’re in debt, you might fear that your lifestyle won’t feel the same without all of your things – but, odds are, selling your old things and clearing up some space will make you feel less stressed and might even rake in some extra cash to put toward your debts.
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