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Get Out of Debt: 8 Excuses That Keep You In Debt

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Are you tired of living paycheck to paycheck? Are you ready to take control of your finances? If you’re struggling with debt, it can be easy to come up with excuses to avoid dealing with it. But the truth is, there’s never a better time to start getting out of debt than right now.

According to a report by Experian, the total consumer debt balance increased to $16.38 trillion in 2022, up from $15.31 trillion in 2021, showing that overall debt levels are on the rise.

Additionally, a NerdWallet study found that the average U.S. household owes more than $165,000 in debt.

No excuses word written on a notebook page next to a calculator and black frame glasses.

While no specific data is available for 2023 yet, it is important to note that high debt levels can significantly impact individuals and families. It can lead to financial stress and difficulty making ends meet.

When it comes to getting out of debt, it's easy to come up with excuses for why you can't do it. However, these excuses will only keep you in debt longer.

From lack of planning to low income, I will provide solutions and strategies to help you overcome these excuses and take control of your finances. By following our advice, you will be on your way to financial freedom and debt-free life.

So, let's get started!

Excuse #1: Outside Influences

Excuse #1 for not getting out of debt is external factors that seem out of our control. It's easy to blame outside influences like the economy, unexpected expenses, or even the actions of others.

But the truth is, while these situations may impact our finances, we still hold the power to take action and make changes.

It's important not to let these excuses hold us back from taking responsibility and making a plan to tackle our debt. By acknowledging our role in our financial situation and focusing on what we can control, we can overcome this excuse and create a path toward financial freedom.

Excuses should not hinder progress but fuel the desire to improve.

Excuse #2: I Don’t Know Where to Start

It's easy to feel overwhelmed by debt and not know where to start. But the reality is that there are many resources available to help you tackle your debt head-on. Speaking to a financial advisor or credit counselor to create a plan that works for your situation may be helpful.

Additionally, numerous online resources and budgeting apps can help guide you in the right direction.

The important thing is to take the first step and not let the fear of not knowing where to start holding you back from achieving your goals.

Remember, taking action, even small steps are better than doing nothing. By acknowledging your debt and making a plan to tackle it, you'll be on the path toward financial freedom.

Excuse #3: Lack of Planning

The lack of planning is excuse #3 for not getting out of debt. Often, people feel overwhelmed and don't know where to start in creating a plan to pay off their debts. However, as mentioned in the previous section, setting up a plan for spending wisely before being forced to by overwhelming debt is crucial.

It's important to take some time to sit down and create a realistic budget, tracking monthly expenses and identifying areas in which you can cut back.

It may also be helpful to seek the advice of a financial counselor or create a debt repayment plan.

By planning and setting goals, you can overcome this excuse and make significant progress toward becoming debt-free.

Excuse #4: Your Income is Not Enough to Pay Your Debts

Not making enough money is a common excuse people give themselves for not being able to pay off debts. But it's important to remember that even if your income isn't enough, there are still ways to make progress toward paying off your debts.

Start by contacting your lenders, loan servicers, and other creditors to see if they offer repayment plans or can lower your interest rates. Look for ways to increase your income, such as working part-time or freelance jobs.

And most importantly, create a budget and stick to it. Cut out unnecessary expenses and prioritize paying off your debts.

Remember, it might take time, but any progress toward paying off your debts is better than none.

woman with hand to her face in the background in front calculator, papers and laptop.

Excuse #5: You’ll Have to Sacrifice for Now

This excuse is a big one for many people who are in debt. It is difficult to give up the things that you love and enjoy doing, but it is a necessary sacrifice if you want to get out of debt. It's hard to say no to going out with friends or buying that new outfit, but the truth is, those things are not as important as your financial stability.

The good news is that you don't have to sacrifice everything forever. You can make small changes to your lifestyle that will greatly impact your debt.

For example, you can start by cutting out monthly subscriptions or finding ways to reduce your grocery bill. It's important to remember that sacrifice is only temporary and that you will be able to enjoy those things again once you are debt-free.

Excuse #6: Not Having The Right Mindset

Excuse #6 for being stuck in debt is not having the right mindset. This excuse may mean individuals have negative beliefs about their ability to get out of debt or struggle with self-discipline and motivation.

However, with the right mindset, anyone can take control of their finances and overcome their debts. One helpful strategy is to focus on the benefits of being debt-free, such as reduced stress and improved financial stability.

Celebrating small victories and viewing mistakes as learning opportunities rather than failures is also important.

By adopting a positive and growth-oriented approach to managing finances, individuals can overcome this excuse and achieve long-term financial security.

Excuse #7: “You Only Live Once”

It is a common trend for people to use the “you only live once” excuse to justify not paying their debts. However, living life to the fullest should not come at the expense of one's financial responsibilities. It is vital to understand that debts don't magically disappear and must be paid off eventually.

Delaying debt payments only leads to further debt accumulation and may negatively impact one's credit score. Instead of prioritizing temporary pleasures, focusing on setting financial goals and taking necessary steps toward achieving them is important.

Paying off debts is crucial to financial stability and should not be taken lightly.

Excuse #8: “I Give My Kids Everything”

The “I give my kids everything” excuse is common for parents struggling with debt. While it's natural to want to provide your children with the best, overextending your finances to do so may not be the best option.

Instead, focus on teaching your kids the importance of financial responsibility and budgeting. Show them how to save, invest, and get out of debt as well as the consequences of not paying off debts.

Set an example by managing your debt responsibly and avoiding purchases you can't afford. You may have to make some sacrifices so that you can get out of debt, but those sacrifices will be beneficial in the long run.

Once you get out of debt, you will have more money to spend on your kids and family. Plus, they'll learn valuable lessons about financial responsibility that they can use throughout their lives.

How to Overcome These Excuses

To overcome the excuses for not getting out of debt, it's important to start by acknowledging and accepting responsibility for the situation. Then, it's time to take action.

For those with outside influences impacting their finances, seeking additional support, such as a financial advisor or debt counselor, may be necessary.

For those who don't know where to start, finding a good budgeting system and setting achievable goals can help. 

Planning ahead and acknowledging that sacrifices may be necessary are also crucial steps.

Additionally, having the right mindset, such as staying positive and motivated, can make all the difference in overcoming these excuses.

By breaking down these barriers and taking steps toward debt repayment, individuals can find themselves one step closer to financial freedom.

Getting out of debt is not just about monetary issues but also a mindset shift. Excuses such as outside influences, lack of planning, and not knowing where to start can hinder progress toward financial freedom.

However, these obstacles can be overcome with a change in perspective and the right tools. Setting a realistic budget, seeking help from credit counselors, and prioritizing debt repayment are all important steps to take.

It may require some sacrifices in the short term, but the long-term benefits of being debt-free are worth it.

By taking control of their finances and staying committed to the process, anyone can break free from the clutches of debt.

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  1. Along with poor planning I’d bunch in student loans without an accurate picture of what pay off will look like. So much borrowing for fields that may or may not pay accordingly!

  2. I would say the two biggest reasons are failure to make above poverty wages in the first place, and then most people die before getting out of debt. All I know for sure is the average “estate” is worth less than ten grand.

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