There are millions of Americans that are swimming in debt and don’t know how to break the debt cycle. If you pay off one credit card and then find yourself using it again when you have other debts to pay back, you haven’t learned from your poor spending habits in the past and will continue the debt cycle for years. There are many people that try to justify debt and to claim that some debts are good and others are bad. Having a little debt on your credit card is “normal” right? Well if you cannot pay it back at the end of the month, it’s considered a bad debt and a burden to you financially. Here is the truth about debt!
Chapter 1. Reckless spending
When you are using credit cards and personal loans, you are using money that you don’t have. You are engaging in reckless spending, which can lead to serious financial problems for many years. The problem that you face with credit cards is that they do encourage you to spend recklessly. Once you charge up the card, they may end up punishing you with a high interest rate, which makes it difficult to pay off the money you have borrowed.
Chapter 2. Borrowing from your future
One of the big problems with debt is the way it makes you work to pay it back. A person that is in debt often becomes a slave to their job as they have to work twice as hard to bring in enough money just to get buy. You are working for money that you have already spent, which is frustrating as it seems like you may never get out of debt.
Chapter 3. Health issues
When you are dealing with debt, you may also find that you are going to battle a number of health issues. The problem with debt is that it causes a huge financial strain on your health. Stress leads to problems with high blood pressure, heart disease, ulcers, headaches, and depression. It is important that you look for ways in which you can repay your debt sooner so you can manage your health and prevent serious issues.
Debt can ruin your life! Work hard to prevent yourself from reckless spending that will lead to financial disaster and can ruin your health at the same time. Make it a priority to save money so you don’t need to borrow from credit cards and you can live off your own money instead.