Why Do People Go Into Debt?

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MONROE, La (KNOE) - 1. What is one reason people stay in debt?
They want to keep up appearances or try to keep up with the Jones. However, if they follow their example, it can lead them right into bankruptcy, if they are not careful!

Courtesy: MGN Online

2. Does getting out of debt take sacrifice?
Yes, and sacrifice can lead you to win with money. It is about priorities and making good choices for your future.

3. What is another reason people stay in debt?
They fear change. If you have always charged on credit cards or had a car loan then you know what to expect and it feels comfortable. However, I can assure you that being debt-free and having a plan will remove fear and financial stress from your life.

4. Do you find that some people are addicted to stuff?
YES! People need to realize that no amount of stuff will make you happy and at some point, too much stuff can cause you to have a financial heart attack.

5. What is the main reason people stay in debt?
Some people stay in debt because they don't know how to get out of debt. What we teach is not taught in high school or college but it needs to be. Do a budget, have a plan and spend every dollar on paper. People do not plan to fail they simply fail to plan.