No, don’t blame it on the lack of funds; yes, the paucity of sufficient funds is the fundamental reason for being in debt but there are several excuses that make debt a habit. It is not easy to deal with debt and that is why many individuals often avoid it and find excuses for resolving the debt once and for all. Here are a few common excuses often given by people, find out which is yours and work on eliminating it and your debt.
- My income is insufficient: Poor planning and budgeting can often lead to a situation where you feel you are not earning enough. Take a closer look at your spending habits; you will find several areas that can be addressed to improve your finances. You can also look at earning passive income from an automated trading robot like the Bitcoin loophole which will help you trade online from anywhere anytime and with minimal effort.
- I need a raise to clear my debt: This is a really foolhardy excuse because you do not know when and if you will get a pay raise given the current economic scenario. And during the waiting time, the debt will keep accumulating interest and will turn into a mountain that you might never be able to get off your back.
- There are other priorities: There will always be other priorities like saving for retirement or saving for your children’s college expenses. But that doesn’t mean you must let your debt take a back seat. It is crucial that you find a balance between your savings and your debt repayment.
- Where is the time to plan: What can be more important than planning your finances; your whole future and that of your families is dependent on it. All you need to do is to set aside a couple of hours a week to set your matters straight. You can use a debt pay off calculator to get an idea on how long on your current payments you will take to clear the debt. You can also calculate the time if the payment increases.
For some individuals, the debt doesn’t hurt and they think it is quite common to be in debt. Well, even if it doesn’t hurt why should you pay more than necessary to your creditors; just think of all the things you can do with the extra money that is going into debt clearance. Several people don’t have a choice, but if you have a choice then clear the debt right away.