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I remember the day I decided to get out of debt. It was the day I got the foreclosure notice on my home. The funny thing, I should have had an “ah, ha” moment years earlier, but I wasn’t ready. Truth be told – I wanted to stay in debt.
The reasons people stay in debt are mind blowing!
You can read my story, but what’s important to know was I wasn’t ready; staying in debt was preferable to me at the time. I had my reasons why I wanted to remain in debt albeit ridiculous as they now seem.
When I finally did make the decision, I had hit the wall. It was at my breaking point. I was sick and tired of the debt cycle. I was sick of looking at overdue notices and seeing the astronomical amount of money I owed. I felt like a slave to the debt, and I was.
Why would anyone stay in debt? I mean it sounds crazy, right? But people make that choice all the time. They choose to stay in the chains of debt instead of being financially free.
Table of Contents
Here Are 5 Mind-Blowing Reasons People Stay In Debt
1. They’re Unwilling To Sacrifice
Without a doubt, the people who are the least successful in getting out of debt are unwilling to sacrifice.
I’ve heard every kind of rationalization and justification out there. They don’t want to give up their daily coffee and bagel, they enjoy going out to eat with friends, they deserve a break and taking a vacation is a must. The list of reasons is endless, and anything will do when you don’t want to sacrifice.
If you’re in a heap of debt and want to get out of debt, something has to change.
If you’re serious about building a new money legacy for you and your family, then you’re going to have to sacrifice. There’s no way around it.
You’ll never know what life will be like until you’re willing to make the hard decision and make the sacrifices necessary to get out of debt.
2. They’re Addicts
I’m not talking alcohol or crack here, but it’s just as alluring.
I was a shopaholic – an addict. I was addicted to shopping, to buying what I thought I needed.
If you believe you are what you own, then you’re an addict too. If what you buy leaves you feeling powerful and confident, I’m here to tell you it’s a lie. At some point, that house of cards will come tumbling down.
You can never buy enough stuff to fill the void.
Read: How To Stay Out of Debt
3. They Don’t Even Think of It
Some have been in debt for so long they see it as a regular part of life.
It never occurs to them to stop using credit cards and get out of debt. They grew up in family situations where credit card debt was a normal part of life.
This is an easy fix as it just requires a simple mindset shift to understand you can get out of debt. Thinking about it is the first step if you’ve never contemplated getting out of debt.
If this is you, consider creating a simple mantra and say it regularly. I’ve created 30 money mantras that you can use. Just print them out and post them all over your house. Say them many times a day. Eventually, your heart will catch up with the words and you’ll start actively getting out of debt.
4. They’re Afraid
If you’ve been living with credit card debt for a while, it can seem scary to have to change your ways and give up the plastic. A life without credit cards is foreign. It’s the unknown.
But there’s nothing to be afraid of and fear shouldn’t be the reason you don’t get out of debt. Fear is just an emotion. It’s not the truth about anything.
Real growth and change occur when we are uncomfortable when we’re afraid but we do it anyway. When we face the fear and move towards it, real growth occurs. It’s transformative and life-changing.
[tweetthis]Go ahead, push past the fear and start making the changes to get out of debt.[/tweetthis]
5. They’re Lazy
I hate to admit it, but I was one of those lazy people who knew what to do but just didn’t want to do it. And you know what? It almost cost my family and me greatly. I was almost homeless and could have lost everything. Luckily I pulled myself together and got on a different path.
If you find yourself feeling a little on the lazy side, realize that doing nothing is costing you dearly. You can get out of the funk and get out of debt.
Today, I save, invest, refrain from using credit cards.
Every day people make the decision to push all the fear, excuses and rationalizations to the side and get out of debt. You can do it too.
If you haven’t made the decision to get out of debt, what’s holding you back?