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The 5 Most Common Reasons We Fall Behind on Debt Payments

calculate your debtDebt is a trending topic in the United States. In fact, nearly 20% of all Americans between the ages of 18 and 24 qualify themselves as being in a debt hardship. If you find yourself in too deep with your credit cards and lending loans, then it is time to take charge of your debt.

Easier said than done, right?

The first thing you need to do is to calculate your debt, as it is important to figure out what daily habits you need to change.

If you’re struggling to get your debt under control, here are some of the most common obstacles that may be holding you back.

1. Limited income, same spending habits

This happens easily. Your family loses a portion of their monthly income, but you still frequently use the same spending habits you had when your income was higher. This reduction in income signals a lifestyle change, so it is important that you sit down to readjust your finances so you purchase only what is necessary. A monthly spending plan is essential, so sign up for credit counseling for some debt relief options.

2. Trying to pay back all of your debts at once

While it is a good idea to calculate your debt and get on track paying everything back, doing too much at one time can actually cause you to become overwhelmed and fall behind. In order to prevent this, a credit counselor can put you on track to debt consolidation.

3. Divorce

Unfortunately, divorce is one of the top causes of debt. When you have to split all of your assets with your former spouse, debt payments can suddenly become totally unmanageable. Even though in many cases divorce is inevitable, it is important to work with a qualified debt professional during the entire process so you do not become overwhelmed with bills on a seriously reduced income.

After any major life event, especially a divorce, it’s always a good idea to recalculate your debt.

4. Higher cost of living

Want to move to someplace different? Before you do you will need to consider if you are moving someplace with a higher standard of living. Moving costs aside, it may not be beneficial to live in a place with extremely high rent, exorbitant food prices, poor public transportation, or absurd gasoline costs.

5. Lack of understanding

Finances can be tricky, so if you have a question about something, just ask! Do not let your lack of understanding set you back thousands in preventable debt. Chances are, you already have quite a bit of unpreventable debt to take care of.

Do not let debt take over your life. Take control of your finances today with the help of the experienced professionals at the Debt Management Group.

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We're not around right now. But you can send us an email and we'll get back to you, asap.

Questions, issues or concerns? I'd love to help you!

Click ENTER to chat