Title: 10 Reasons Why People Stay in Debt - National Debt Relief
Headings: 10 Reasons Why People Stay in Debt
10 Reasons Why People Stay in Debt
1. Failing to Plan
2. Out-of-Control Spending
3. Limited Cash Flow
4. Unemployment (or Underemployment)
5. A Devil May Care Attitude
6. Living Beyond Your Means
7. Failure to Adapt
8. ‘I Don’t Know How’
9. Lack of Follow-through
10. Marriage Problems
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Content: However, many aren’t in a position to work more or cut additional expenses, and their limited income can make it difficult to get out of debt. 4. Unemployment (or Underemployment)
Another reason why people stay in debt is job loss. If you accumulate significant amounts of debt while you’re working, then suddenly find yourself unemployed, it’ll be difficult to make payments on those debts. You’ll often rack up additional interest expenses and penalty fees while trying to remedy your unemployment situation. If you’re fortunate enough to find another job, you’ll likely find that your credit card balances have ballooned significantly. Similarly, underemployment can also lead to significant debt accumulation. If you find yourself with a substantial cut in hours and a smaller paycheck, it may be hard to make much more than the minimum payment on your credit cards. You may also rely upon your credit cards to buffer you through the rough patch until your past income level is restored. Doing this will likely lead to high balances that take a long time to pay off, which is yet another reason why people stay in debt.