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4 Common Culprits Behind Credit Card Debt

debt management programSimply put, debt is incredibly easy to get into and very hard to climb out of. While there are different kinds of debt, 70% of Americans say there is a greater stigma around credit card debt than any other kind, and many feel too ashamed to enroll in a debt management program or to reach out for help. In order to take charge of your debt, it is important to understand the culprits behind what causes debt in the first place. Read on to learn some of the most common causes of credit card debt.

  1. Living outside of your means
    Your spending habits need to reflect your income, and if a member of your household loses their job or gets a pay decrease, you need to change your lifestyle. The sooner you adjust your habits, the easier it will be to spend less and save more.
  2. Not having an emergency fund
    One of the best debt settlement help tips out there is to always establish an emergency fund. This doesn’t have to include a huge portion of your paycheck each week, but it should be something tucked away to use in case something unexpected happens. Consider putting $50 or $100 from each paycheck into a special savings fund so you will be able to survive without penny-pinching if there is trouble with your car, unexpected medical bills, or unemployment.
  3. Spending irresponsibly
    When was the last time you spent money just because you were bored or at the mall? These impulse buys can be quite expensive, and more often than not you don’t end up using the items. One of the best ways to cut down on your impulse buys is to only carry cash and to stay far, far, away from the mall!
  4. Spending money that doesn’t exist
    Spending future money can be all too easy when you have a credit card. You may think you’ll be able to afford a big purchase as soon as you get your next paycheck, but that isn’t always the case. In order to stay in control of your finances, hold off on any major spending until the money is physically in your account.

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