Do you feel as if you’ll be in debt forever? You’re not alone. According to a survey commissioned by CreditCards.com, 13% of Americans say they’ll never pay off all their loans, and another 8% say they won’t pay off what they owe until they’re at least 71 years old. That’s a discouragingly large number of people who consider themselves stuck in debt with no way out.
If you’re in this situation, step back, set aside the despair and ask yourself how you got here in the first place. Here are 10 common reasons people fall deep into debt and can’t get out of it. Identify the reasons that apply to you, then formulate a plan using our effective strategies to conquer the root causes of your debt.
- You Don’t Know How Much You Owe
- You Only Pay the Minimum
- Your Mortgage is Too Big
- You Took Out Too Many Student Loans
- You Can’t Say No to Your Kids
- You Don’t Have Money for Emergencies
- You Feel a Sense of Entitlement
- Your Car Loan Is Too Big
- You Rack Up Late Fees
- Your Interest Rates Are Too High
To read the full article, go to http://www.kiplinger.com/slideshow/credit/T025-S001-reasons-you-will-never-get-out-of-debt/index.html