Have you wondered what is keeping you in debt? In this article, you will learn the exact reason why you are still in serious debt. We will also consider what decisive actions you can take to get you out of debt. This will help you get your financial freedom.  A lot  of people complain of the following reasons.What Is Keeping You In Debt?

What Is Keeping You In Debt? It Is Too Much.

Furthermore, many people feel that their debts are too much. Instead of this, use a debt pay off calculator to calculate your debt and determine how long it will take you to finish paying.  You may discover that it is not as bad as you were thinking. You can decide to pay large or small sums monthly depending on your capacity. Be positive minded, you can actually pay off all your debts and become financially free.

What Is Keeping You In Debt?  Low Income

A lot of people complain of low income. They argue that this is the reason why they are into serious debt. But in real life, it is not the low income that is the problem. Their real problem is overspending. When one spends above his or her income, the person is likely to run into debt. Living without a budget is like driving without a destination. Make a budget based on your income. Give room for savings. Take some money to pay it off . If your income is really low, you can get a second job or work an overtime.

What Is Keeping You In Debt? Other Plans

You may have plans to pay your children’s college fees, buy a house or a car. It could also be that you are saving for retirement. They are all important. However, know that accumulating debt is bad for you. Draft a plan that can permit you pay  bit by bit and still achieve your goals at same time.

I’ll Pay It When I Get a Raise.

Just know that you may never get a raise. Even if you get,  you will still have responsibilities.  The raise may take a long time to come. The essence of starting on time to pay it is that the longer you leave it the more interest it will accumulate. This will even be harder for you to pay. Also, this will even affect your credit score negatively.

I Can’t Concentrate on It.

Many think that taking time to concentrate on their debt will weigh them down. Others feel they already have many worries no need of adding more. It should not make you feel that way, focusing on your debt does not mean worrying about it. It means  taking out some time on monthly basis to review your budget, assess your debt standing, and decide what you can pay towards it. When you keep paying off  to the finish, you will have nothing to worry about anymore.

Everyone Has It.

This is a popular misconception. Yes! Many people have debt but not all. Even if you think that everyone has debt, you must not have your own and leave it unpaid.  Having debt is not a laudable achievement, do not keep accumulating it because every other person has it.  Pay as soon as you can.

It’s Not Negatively Affecting  Me.

It is only when it is interest free that you can say it is not negatively affecting you. If it has interest,  think about how much you’re paying towards it each month as interest. Then think about what you could do with that money if you weren’t spending  on it. This will help you discover how you are making your creditor  richer.