Debt Nation: Are You Drowning In Debt? Save Yourself From These Bad Habits


When you are drowning in debt, it doesn’t matter how hard you work. The bills will just keep coming; piling one on top of the other. You’re fighting to stay above water but each time you settle one account, another one comes in and drags you back down under the pile.

You no
longer have time for yourself or your family. You are spending almost every
waking hour trying to find sources of money to keep pace with all the bills
that are being sent to your home and email. It feels like you are no longer
working to earn for the family but for the creditors.

question is “Why?”

Why did you
allow yourself to be mired in so much debt?

No one
forces you to borrow money. That’s why you found work, right? You want to earn
income that would pay for your daily needs and still have savings at the end of
the day.

many people have fallen off the wayside. The availability of credit makes
anything and everything easy to acquire.

So why do
people get swept up by debt? Here are a few reasons why:

  1. “Keeping Up
    With The Joneses”

The next
door neighbour bought a brand new Mercedes Benz or became the newest member of
the city’s most high-profile sports club. You find yourself pressured to keep
up with their material wealth even though you can hardly keep your Toyota at
full tank or pay for a membership at the local gym.

You should
learn to live within your means. If your neighbour continues to acquire riches
and wealth, that’s on him/her. You don’t know what their finances are and
neither should you care.

Most of
all, learn to appreciate what you have in life. Others are less fortunate than

  • Lack of Money
    Management Skills

to a survey conducted by a U.S. bank, only 41% of Americans know how to manage
their money. You should always keep track of where your money is going, not
just on where it is coming from.

The first
step is to create a budget. Make a summary of your monthly expenses. Rank these
items in terms of priority. Then, find out if your present salary or streams of
income is enough to cover these expenses. As a rule of thumb, you should be
able to save at least 20% of what you earn every month.

  • Can’t Say No
    to the Good Life

Who says
you have to take your family out to the newest fine dining restaurant every
Sunday night? Is it mandated by law to go pub crawling with your friends every
Friday night? Do you absolutely have to buy the latest Air Jordan sneakers that
come out in the market?

Instead of
having a schedule of blowing out your hard-earned cash, learn to save your
money for the future. When the time comes that you will really need money, you
may have nothing to put out.

  • They View Debt
    as the Only Answer

When a
homeowner has fallen behind on his monthly payments, one of the first options
he would consider is to take out another mortgage on the house.

More debt
to pay debt.

He is
thinking, “I just need more time to get my business running. Soon, I will be
able to pay both mortgages.”

Sadly, like
most people who take out a second mortgage, he’ll only end up having his home

Debt is
never the answer. It feeds your financial problems like kerosene to a raging

  • They’d Rather
    Suffer Than Sacrifice

In our
example above, the homeowner took out a second mortgage to buy him “more time”.
A better option would have been to sell the house and pay cash for a smaller
home. At the end of the day, he would have no debt and plenty of savings.

But he
would rather suffer in the short term by putting in more hours at work and find
sources of money to pay off the extra mortgage. In this situation, there is no
fairy tale ending. All you have is a tragedy.


Just like
the serpent that told Adam in the Garden of Eden that biting the forbidden
fruit will make them like gods, acquiring credit gives people a false sense of

Work hard. Learn to save. Always hustle and do your best.
Forget about using debt to pay for your needs.

Author Details