6 Reasons You’re Struggling to Pay Off Your Debts

Are you struggling to get out of debt? Don’t worry; there are many people just like you. The truth is it could be a mental block stopping you from paying off those credit cards, store cards and any other debt you have. Here are six of the most common reasons everyone struggles to pay off their debts.

Everyone Struggles So Why Bother?

Just because everyone is struggling, doesn’t mean you should keep letting yourself suffer. Yes, there are plenty of people who do, but you need to think about number one. Think about it.

If everyone jumped off a cliff, would you follow them? Of course not! You’d watch them thinking they’re silly. Well, that should be the same look you give those who are still struggling to pay off their debt while you enjoy the debt-free life.



The Credit Cards Let You Pay the Minimum

There’s the mentality that the credit card companies let you pay the minimum, so why should you pay any more than that?

There’s no need, right? Wrong! The credit card companies want you to pay the minimum. It means more money for them because of the interest added on each month. If you paid more off your credit cards each month, you would pay less overall so more money goes in your pocket rather than lining the bankers.

You Need That Sale Item

Instead of clearing the money, you’re adding more on. You see that item in the sale and just have to have it, but don’t have the money right now. It is not okay to put the cost on your credit card.

The only thing that you should use your credit card for is an emergency if you have no other way of paying it off. Start saving up for your shopping sprees or special treats.



You’ll Never Pay It Off Anyway

There’s a tendency to hide in the sand. You have this feeling that you’re never going to get out of debt, so why bother even trying?

This is just stopping you from getting out of the current financial situation you’re in. Look at the balance and think you will get out of it one day. You just need to determine the amount to pay each month. From there, you can look at your budget and start working your way out.

You Need to Create Debt to Get Out of It

Debt consolidation is a thought for many. The problem is that it puts you into more debt just to get out of it.

This isn’t something you need to do! You can work on each debt one at a time and this is better for you in the long run.



It’s Just a Little Debt

So there is £300 on your credit card. That’s not too bad, is it? Not compared to your friend who is thousands of pounds into debt.

This mentality is ruining you. Just because your debt isn’t that big right now doesn’t mean it can’t grow. Smaller debts should take you less time to get out of them!

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