When I was a young teenager making good money working after school and weekends, a sagacious family member asked me: “Does money create a hole in your pocket?”
Fortunately, I listened and was able to pay cash for a shiny new red Volkswagen off the showroom floor when I left for college.
So recent trends in personal debt among Americans are eye-catching.
Americans are increasingly in debt. Does this sound familiar to you? That’s a killer for your health and lifestyle.
The usual reasons include lack of personal discipline, borrowing too money for college expenses that don’t yield a productive career, weakening health and a challenging economy.
But note the first reason: Many Americans are their own worst enemy because they fail to budget properly.
Reasons include acquiring too many credit cards and maximizing them out, binge shopping, trying to impress others with new cars or TVs or even on sports betting.
Such spending addictions are hard to fix. But change you must for a happy and healthy life. Simply put, it’s a matter of personal responsibility.
The first steps include deciding to make a right turn such as getting a financial mentor, learning how to manage finances, creating a budget and negotiating payment plans with creditors.
See the following infographic: Why People Accumulate So Much Debt from Optimal Debt Solutions.
From the Coach’s Corner, here are more tips on debt:
9 Top Money Tips to Erase Your Debt – Debt is a killer. But if you’re in debt, you’re already feeling horribly about it. So get busy with these nine strategies.
Drowning in Student-Loan Debt? How to Pay it Off in 1 Year – You’re not alone if you’re drowning in student-loan debt. The average college graduate in 2015 was saddled with student loans totaling $35,000, which takes 10 to 20 years to pay off. Here’s what you can do to stay afloat.
5 Solutions to Ease the Pain of Your Student Loan Debt – If you’ve had a student loan, chances are you know the pain of trying to repay it. If you’re struggling to pay it off, here are five options.
Debt Consolidation Will Sink You without These 6 Tips –- If you’re not careful in your debt-consolidation plan to bundle your debts for a lower interest rate and minimum payments, you might get into more financial problems. Here are six precautions.
Finance: You’ll Draw Strength to Win by Relying on 22 Values – Whenever a businessperson makes a financial decision that turns out to be productive, it’s based on values using a financial compass — knowing what to do and when to do it. If you use this financial compass with 22 values, you’ll be guided to financial success.
The 6 Values for Your Financial Protection – Debt is the catalyst of all financial woes, says esteemed associate Joey Tamer. Here are her six values to avoid financial traps.
“A journey of a thousand miles begins with a single step”
-ancient Chinese philosopher Confucius
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