5 Reasons You’re Still in Debt
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Are you struggling with debt and looking for credit card debt relief? In order to eliminate debt and safe yourself from excessive liabilities, you must eliminate additional and unnecessary spending as much as possible in order to increase your finances towards the repayment of debt.
Additional spending refers to using your credit card for unnecessary purchases. When you charge an item on your credit card, you pay more than the amount on the price tag — You pay finance charges as well as the interest on the actual price of the item.
Are you struggling with debt and looking for credit card debt relief? In order to eliminate debt and safe yourself from excessive liabilities, you must eliminate additional and unnecessary spending as much as possible in order to increase your finances towards the repayment of debt.
Additional spending refers to using your credit card for unnecessary purchases. When you charge an item on your credit card, you pay more than the amount on the price tag — You pay finance charges as well as the interest on the actual price of the item.
However, controlling debt by eliminating the usage of credit cards is easier said than done.
The following are some common and the worst excuses people make to justify their usage of credit cards, even when they are seeking credit card debt relief:
Table of Contents
The Deal Couldn’t Be Skipped!
Although you had no plan to purchase anything or spend any further, you were at the wrong place at the right time. In reality, there is no situation where you cannot pass up on a deal. It is just that you have been waiting for a discount and as soon as you find this opportunity, you grab it. Of course, it is out of your budget so stop fooling yourself.
Debt = Reward Points
A very wrong approach once again. If you are really seeking credit card debt relief, do not compare debt against reward points you earn. A credit card company would never keep the deal equal or accept a loss by offering you all the goodness against debt. Earning rewards against necessary expenses (like groceries and gas) that you will incur anyway still makes some sense, but buying unnecessary items for the sake of points to get a gift card or free downloads is simply foolish. Moreover, if you are not repaying your debt balance in full every month, the rewards that you are giving up so much for will cost you even more in the form of interest.
Full Payment on the Next Check
This is a very common excuse and people usually depend on the next pay cheque for a full repayment of credit card debt. These words are hardly uttered with true intentions. You will never succeed with this approach. Never!
Emergency Payment
Many people carry credit cards for the sake of an emergency. However, all payments become ‘emergency’ payments with time. “My washing machine died suddenly,” “I need to get my car fixed as soon as possible,” “My friend’s wedding is coming up! Need to buy a gift,” are all little examples of ‘emergencies’ that people take care of with their credit cards. Basically, these expenses are to be covered with emergency funds that you must have in your savings. But since your repayment liability is so huge, you hardly get to save. Therefore, the solution to all these problems starts with getting credit card debt relief.
Self-Treat
You definitely deserve a treat but not at the cost of credit card debt. Treat yourself and lower your burden instead of increasing it by going overboard and making expensive purchases and trapping yourself with further repayments every month. Sure, a $2000 worth laptop will be an impressive purchase, but it will hamper your sacrifices and efforts to pay off your credit card debt.
Sounds like your own story? Get rid of these unrealistic excuses now and get on a better plan to get credit card debt relief as soon as possible.
About the Author:
Shannen Doherty is a financial writer associated with many finance related groups and communities. She has completed her post graduation in finance and writes on various financial topics such as debt relief, debt settlement, personal finances, auto loan etc. She is passionate about writing on financial topics because of her specialization on the subject. Click here to find out more about debt relief.
