Habits That Keep You In Debt

Habits That Keep You In Debt

This article peaked my interest about  habits that keep you in debt.

For many years some of these habits were the story of my life.

They say it takes 21 days to stop or start a habit.

Now is the time to break the habits that keep you in debt have when it comes to your finances, credit, budget, and relationships.

Many people don't end their habits that keep you in debt even after they file for bankruptcy.

"If mood-boosting shopping sprees and racking up credit card rewards are a part of your lifestyle, you could be fueling a dangerous debt addiction.

 Credit card debt continues to be a major problem for the average American consumer, yet many are still living a lifestyle that supports a costly debt habit."

Source MSN Money – 7 Habits that keep you in debt

Borrowing is the first of the habits that keep you in debt.

The article talks about being addicted to debt.

There are many people continually borrow from family and friends.

They never pay their debts back.

If  this sounds like you, then you could be addicted to debt.

You have to stop this vicious cycle and learn to live with in your means.

Making impulsive purchases is the second of the habits that keep you in debt.

Impulse shopping or addicted to being at the latest sale will lead you to debt.

For a very long time I was addicted to the Macy's One Day sale.

Every week I would be there.

It didn't matter that I was over the limit I found a way to use my credit card.

This was one of the things that lead me to filing bankruptcy.

It's very dangerous not to being able to avoid the sale or online sites.

Spending to boost your mood is the third of the habits that keep you in debt.

No matter what people say retail therapy does not make your problems go away.

Once the credit card bill comes it can set you into another mood swing.

The article says that you should only do retail therapy with cash.

Spending money when you have bills do still leads to debt.

Avoid the mall or online websites when you're going through.

 Depending on cash-back credit cards is the fourth of the habits that keep you in debt.

Shopping to get reward points can become very addictive.

Many cash back or reward programs only offer $1 per $100 spent.

When your thinking about racking up points be sure you can pay off your entire balance when the bill comes each month.

Routinely transferring balances is the fifth of the habits that keep you in debt.

Transferring a credit card balance to a new account with a lower interest rate is a good idea when you're planning to pay off your credit card debt.

However, you want to avoid getting in a debt loop by continuing to transfer debt from card to card.

Once you have transferred a balance set up a plan to pay off that credit card.

Living on interest-free financing plans is the sixth of the habits that keep you in debt.

Many people get caught up in the hype of the ads offering interest free or zero percent financing.

The truth is many do not pay off the balance before the period is over and spend much more than their original purchase.

To avoid this habit save your money for big ticket purchases.

When you spend cash you have a tendency to do research and make a better decisions with cash. 

Keeping up with the Joneses is the last of the habits that keep you in debt.

You never really know what someone has gone through to have the things that they have.

Many people are in debt up to their eye balls.

On the outside they look like everything is okay.

In reality they may have a nice car and no furniture at home.

They could be behind on their mortgage or car note.

Trying to out do your friends or family can leave you in serious debt.

 These types of habits that keep you in debt could lead you to filing for bankruptcy.

Planning your purchases saves you money.

Allowing you to control the amount of debt that you incur.

With the new year ahead it's time to start looking at your debt and coming up with a plan to be debt free.

You have made these habits that keep you in debt a way of life.

It will take some time to break the old habits and replace them with new habits.

Even if you fall off your plan keep trying.

It will pay off to break the habits that keep you in debt.

Bankruptcy doesn't have to be an option if you start today.

Do you have habits that keep you in debt???

Your financial coach,

Renee Lawson

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