Why Are You Stuck In Debt?
There are many reasons people give themselves or have going on in the background that leave people stuck in debt slavery for years and years if not decades of their lives.
In this series of articles, we look at some of the bad reasons why people stay in debt when there are ways they could live debt free. Let’s look at another common reason:
When you have so much debt hanging over your head it can be demoralising. If you look at your income and your monthly needs you may conclude that living on credit is the only way. It probably looks like you will never be able to get out from under your debt.
When things do seem to get a little better, like when you get an increase in your income, the joy that comes from this is often short lived. Pretty soon the next problem, next big issue or next sudden expense comes along and hits you right in the wallet. Forced to reach for the credit card or go and get another loan once again, you may feel trapped in debt.
‘The cumulative effect is that you may simply give up on the dream of living without debt’
Due to the way interest works, it can feel like you have been paying and paying for your debt for ages and you are not making any progress in paying it off. This is also very disheartening. You know you have paid lots and lots towards the debt but your statements show that you still have so far to go.
The cumulative effect is that you may simply give up on the dream of living without debt.
Don’t Lose Hope. Get Help!
Hundreds of thousands of South Africans have been in the same situation you are in. They too were buried under a mountain of debt with what appeared to be no way out. Most were just treading water each month, using one source of debt to pay for another. They felt just like you do.
‘suddenly they were presented with a reasonable and realistic way of dealing with their debt’
But since 2007 people have been able to turn to professional help through Debt Counsellors to get advice and assistance in getting out of debt. Many have made use of the legal process of debt review and debt counselling to solve their debt issues. Where some felt they would never get out of debt, suddenly they were presented with a reasonable and realistic way of dealing with their debt. It has provided hundreds of thousands of people a way to get out of debt.
If you would like to get some advice about your debt situation then contact your local Debt Counsellor or search for one online (remember to only deal with professionals who are registered with the National Credit Regulator).
Money Trap Pic: created by dooder – www.freepik.com