4 Reasons You’re Still In Debt

Now that I’m no longer semi-anonymous with my finance blogging, I tend to have a lot of friends and random people asking me finance questions. I have people pouring what seems like their heart and soul to me because they really want to change and improve their situation. This is something that I love about…

Michelle Schroeder-Gardner

Last Updated: May 26, 2023

Disclosure: This post may contain affiliate links, meaning if you decide to make a purchase via my links, I may earn a commission at no additional cost to you. See my disclosure for more info.

Reasons You're Still In DebtNow that I’m no longer semi-anonymous with my finance blogging, I tend to have a lot of friends and random people asking me finance questions.

I have people pouring what seems like their heart and soul to me because they really want to change and improve their situation.

This is something that I love about being a personal finance blogger – the fact that I can (hopefully) help someone change their life and teach them how to manage their money better.

Many of the questions I receive involve debt and what they can do to change their situation.

Someone told me they had over $200,000 in student loan debt, another person recently told me they had over $100,000 in credit card debt, some are hiding their finance problems from their families, some have told me that they are beyond house poor and they don’t know what to do.

The list goes on and on about the stories that I have heard.

I think the first thing a person needs to do when it comes to eliminating their debt is to realize WHY they are in debt in the first place (the next step is to actively reduce your debt – read How To Eliminate Your Debt). If you don’t know what your problem is, then it would be hard to make a positive change.

Yes, it is great to just start attacking your debt, but you also don’t want to fall into a vicious cycle of going into debt over and over again.

Here are some of the many reasons for why you may be in debt.

 

You think you have plenty of time to pay off your debt.

When I was in the middle of paying off my $40,000 worth of student loan debt, I remember being asked why I wanted to get rid of my student loan debt so quickly.

You know the saying  about how there is no such thing as a stupid question?

Well, I thought that question was extremely stupid. I thought (and still think) it was probably the most stupid question I have ever been asked or heard.

I can’t remember the conversation exactly, but I remember them saying something about how I’m young and I should enjoy my money more and that I can worry about my student loans later.

UMM WHAT?!

Why not just pay off your debt more? Would you really rather have than 100th pair of jeans instead of putting more towards your debt? I know for a fact that I will probably completely forget about an article of clothing (even though I love clothes!) and I will appreciate my debt being paid off more.

I still enjoyed my life while I was paying off my debt, and I definitely do not think I was suffering at all.

It’s been around seven months since I completely paid off my student loans, and I couldn’t be happier!

You also never know what may happen. If you wait to pay off your debt and instead spend your money on things that you don’t need, you may fall into a bad situation. What would happen if you lost your job, came across high medical bills, or something else?

Wouldn’t you have wanted your debt to be gone?

 


You treat your credit card as income.

Your credit card is not a new income source. If you treat your credit card this way, then you should cancel your credit card.

Oh well if closing your account means that you will be lowering your credit score, you are probably doing worse damage anyways by racking up large credit card bills that you can’t pay.

If you are using a credit card, then you should be working to pay off your balance completely each month.

 

So-and-so has debt, so it’s fine if you do too.

Many people compare their debt amounts to others in hopes that they will feel more “normal” about their debt and not feel as bad. An example would be if you are 30 and the average 30-year-old has $10,000 worth of credit card debt (I completely just made that number up). You then use this number as a “guide” to yourself so that you can feel more comfortable about your debt.

However, WHO CARES about how much debt another person has? How exactly does knowing what the average amount of debt a  random 30-year-old has affect you?

Is that person you?

NO!

So, why would another person’s amount of debt even matter to you? That makes no sense!

Just because someone else has $10,000 worth of credit card debt from buying too much clothing does not mean that you should too. You never know, this amount may be breaking them on the inside even if they aren’t showing it.

 

You believe you deserve the items you buy.

Yes, you may be awesome and think you deserve it, but should you really be buying it? Just because someone else just bought a 100 inch 3D TV (or a mansion, nice car, gadgets, a crazy-expensive wedding, etc.) doesn’t mean that you should as well.

You might think “oh well they have a comparable job to mine, so, if they can afford, then I can too.”

However, you have no idea how this person is paying for it. Maybe they saved for years, or maybe they are just putting everything on their credit card.

I recently talked to someone who has over $100,000 in credit card debt and I could tell they were in panic mode. They bought way too much house, way too much car, way too much everything. They thought they deserved it all since others were buying something similar.

You don’t need to keep up with the Joneses!

There are many ways to cut down your spending. Below is a quick list:

  • Lower your cell phone bill. Instead of paying the $150 or more that you spend on your cell phone bill, there are companies out there like Republic Wireless that offer cell phone service starting at $10. YES, I SAID $10! If you use my Republic Wireless affiliate link, you can change your life and start saving thousands of dollars a year on your cell phone service. I created a full review on Republic Wireless as well if you are interested in hearing more. I’ve been using them for over a year and they are great.
  • ATM fees. Why do people do this to themselves?
  • TV. Cut your cable, satellite, etc. Even go as far to go without Netflix or Hulu. Buy a digital antenna (this is the one we have) and enjoy free TV.
  • Sign up for a website like Ebates where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free $10 gift card bonus to Macys, Walmart, Target, or Kohls!
  • Pay bills on time. This way you can avoid late fees.
  • Shop around for insurance. This includes health insurance, car insurance, life insurance, home insurance and so on. Insurance pricing can vary significantly from one company to the next. When we were shopping for car insurance last, we found that our old company wanted something like $205 to insure one car for one month, whereas the new company we have now charges $50 a month for the same exact coverage. INSANE!
  • Save money on food. I recently joined $5 Meal Plan in order to help me eat at home more and cut my food spending. It’s only $5 a month (the first four weeks are free too) and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well!
  • Fuel savings. Combine your car trips, drive more efficiently, get a fuel efficient car, etc.
  • Trade in your car for a cheaper one. For us, we are car people. Cars are one of our splurges. However, if you only have a nice car to keep up with the Joneses, then you might want to get rid of it and get something that makes more sense.
  • Live in a cheaper home. I’m not saying you need to go live in a box, but if you live in a McMansion then you may want to think about a smaller home. This way you can save money on utility bills and your mortgage payment.
  • Use a programmable thermostat so that you can heat and cool your home efficiently and more affordably.
  • Learn to have more frugal fun. We don’t spend anywhere near the same amount of money on entertainment as we used to. There are plenty of ways to have frugal fun.
  • Check out my recommendations page for a full list on money-saving websites.

 

Some ways to make extra money are below, but check out the related articles below to see many, many more:

  • Start a blog. Blogging is how I make a living and just a few years ago I never thought it would be possible. I made over $320,000 last year by blogging and I’m hoping to double that in 2016. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
  • Sell your stuff. There are many things you can do to make money by selling items. We all have extra things laying around that can be sold, or you can even search for items that can be bought and resold for a profit.
  • Rent an extra room in your home. If you have extra space in your home, then you may want to rent it out. Read A Complete Guide To Renting A Room For Extra Money.
  • Answer surveys. Survey companies I recommend include VIP VoiceEarning StationAmerican Consumer OpinionProOpinionYouGovPinecone ResearchOpinion Outpost, Survey Spot, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
  • Use Swagbucks for your online searches. Swagbucks is something I don’t use as much, but I do occasionally earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded “Swagbucks” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up today!
  • Try InboxDollars. InboxDollars is an online rewards website I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free just for signing up!
  • Find a part-time job. There are many part-time jobs that you may be able to find. You can find a job on sites such as Snagajob, Craigslist (yes, I’ve found a legitimate job through there before), Monster, and so on.

Related articles:

Why are you in debt? What reasons have you caught yourself using?

If you’re feeling extra brave, please share how much debt you have (house, car, student loans, credit cards, etc.).


Filed under:

Michelle Schroeder-Gardner

Author: Michelle Schroeder-Gardner

Hey! I’m Michelle Schroeder-Gardner and I am the founder of Making Sense of Cents. I’m passionate about all things personal finance, side hustles, making extra money, and online businesses. I have been featured in major publications such as Forbes, CNBC, Time, and Business Insider. Learn more here.

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  1. I have student loans, and I have 43k left out of a total of 81k. I got into debt to get my education and I thought “everyone” had student loans. Not so! I did my best to lessen the burden, but have definitely made choices that have made the debt payoff process longer. I am lucky that I never really got into credit cards. I think knowing WHY you got into debt and WHY you want to get out of debt is even more important than the how of getting out. The mental motivation from the why, will get you to the how.

    1. Student loan debt is a good example of that. People tend to compare themselves to the averages so that they feel better.

      And congrats on paying off almost half!

    2. Wendy (@BlushandBarbell)

      Same here, “everyone” had student loans. In all honesty though, I couldn’t have gone through school without them. I just haven’t done a great job in paying them down.

      1. I don’t think I could have either. A little less of them would have been possible for me though.

  2. Love this. I agree that people don’t realize how risky debt is, or how feeing it is not to have any!

    1. Thanks Allison! πŸ™‚

  3. Kasia

    Irresponsibility and instant gratification in my early twenties led to credit card debt. The cc debt will be paid of by end of March/April this year. We also have a car debt but the interest is 0% so while we do make larger repayments then necessary, we are focusing on increasing our savings and asset base.

    1. March/April is soon. Congrats!

  4. In the past my hubby and I were pretty complacent about our student loan debt, for one of the reasons that you mentioned- it seemed like everyone we know has student loan debt, so why shouldn’t we? Thank goodness for personal finance blogs- we have since had a serious change of heart and are now trying to get rid of those darn loans as fast as possible!!

    1. Yes, personal finance blogs are what really helped me change my life around! πŸ™‚

  5. “You know the saying about how there is no such thing as a stupid question? Well, I thought that question was extremely stupid.” Lol, I love it! I’ve seen the same thing as well and it just drives me nuts. We saw it this past week with our family in town – some of them it’s like they’re comfortable being in debt. I think a lot of it, though maybe not all of it, comes down to wanting stuff and prioritizing it over their future or being free from debt. Thankfully the only debt we have is our mortgage and are working on knocking that out.

    1. Haha it was a stupid question! πŸ™‚

      It seems like everyone around us wants to change their financial situation and I think a lot of it has to do with my blog. I’m glad I’m having such a positive impact by educating people!

  6. I’m in debt from student loans and our house. I have definitely used the “I deserve this” or “I deserve that” excuse to justify purchases, but I feel like I’m doing everything to build my income and in turn savings and ultimately pay down my student loans and then, at least on paper, my mortgage.

    1. You are doing great DC, so I wouldn’t be too worried πŸ™‚

  7. Michelle, every one of these reasons used to describe me to a “T”. I had all the reasons in the world why it was okay to have credit card debt. But once I dissected how much interest we were paying each month, and once I realized that retirement was closer than we thought, I woke up. I’d take our super strict budget that allows us to pay off our debt any day now over the above excuses. Financial peace and freedom is SO worth it!

    1. I agree, it is so worth it! I’m so happy for you Laurie πŸ™‚

  8. I’ll admit I fell for the “everyone has debt, so it’s no big deal – it’s just normal” line. I think that line works “sort of “okay” if we’re talking mortgage debt, and even to an extent car financing… but the rest of it, like my pure consumer-based debt… NOPE!

    Now I’m actively trying to get far away from that because I can’t imagine that any more. The lies we tell ourselves to rationalize things, eh?

    1. Haha yes, the lies we tell to convince ourselves that we can have debt! πŸ™‚

  9. Michael@Save-Invest-Grow

    I think a lot of it is related to our consumer-driven culture. Many people feel the need to keep up and always have the newest “things.” They think that because they were able to get a loan on something, that must mean they can afford it. Its an easy trap to fall into. This happened to me a few years ago when I spent too much on a new car. Its been nice, but I’ve paid too much in interest for a depreciating asset. I’ll think twice next time.

    1. You said something very important – Just because you can get a loan for it, it does not mean you can afford it!

  10. My major reasons for being in debt are:

    1.) Taking too much school and funding it 100% with loans (currently owe over $49,000) – “I have plenty of time to pay off this debt” thinking
    2.) Buying a new car too soon/not having enough of a down-payment saved (currently owe over $10,000) – definitely the “I deserve this” thinking
    3.) Working 4 years at a job that did not pay me what I was worth and had no hope of a promotion/raise – “too scared of change” thinking

    I can’t change the first two, but since I did change jobs, I’ve noticed a HUGE improvement in my finances (but still plenty of room for improvement). The car loan is almost paid off, and I’ve finally started making reasonable monthly dents in the student loan.

    1. That is awesome that you are noticing an improvement because you changed jobs. Good for you Amanda!

  11. The reason we used for years was that we had good income, regular salary increases, and eventually our income would outpace our spending and we’d catchup. yeah, that never happened. πŸ™‚

    1. A lot of people use that as a reason. No good! πŸ™‚

  12. Bre @ The Weight of Debt

    Thanks for sharing your post about us again Michelle! πŸ™‚ I’ve gotten so much traffic from your site! <3

    I just got below 89K in student loan debt, personally. Right now since we aren't married we are focusing on personal debts separately. Thankfully I have always hated the idea and use of credit cards and only have one with a Max limit of $200. That way I'm never digging my hole deeper. I use my credit card to the max on things I get 5% cash back and pay it off every paycheck.

    I recently posted about my poverty mentality. I constantly have to catch myself because I have habit's/mentalities that are really against me and my financial goals. Deep down sometimes I feel like I have to buy things that I "need" but in reality I don't need them. Some of this I think is attributed to growing up in poverty and now that I can afford nice things I feel entitled to it. I'm sure there is a lot more to it but I'm working on it! πŸ˜€

    1. Your post was a great one, thanks again for sharing your story.

      That is good that you are using your credit card responsibly, that’s always smart!

  13. kammi

    I’m not in debt but I use the opposite reasoning; the reasons that I am not in debt are tied to my goals for the future. I have set a net worth for the next five and ten years, and goals for each year of savings that I have to reach in my mind. I also try to eliminate ANYTHING that will seduce me into going into debt or spending money that I don’t need to. When I buy certain things that I like, I buy them because they have some kind of return for me (ROI), so I’m buying them either as an investment (like a book, software, etc). Even food can have ROI technically; if I eat ‘junk’ it doesn’t fill me so the ROI is low, and I have a long, packed day/schedule, so I only buy food that will nourish me. Everything else goes into savings/ investments.

    1. Good job Kammi! Sounds like you are very smart πŸ™‚

  14. I had a revelation last year and realized that I get into debt every 5 years or so. The reason for which is lifestyle inflation. With a fluctuating income, one year might be great which leads me to believe I can increase my basic costs. Not so much. Now that I realize this, I know I need to keep my costs low or the same as they are now.

    1. Good job on realizing what your problem is. πŸ™‚

  15. Using credit cards as income is a big issue for a lot of people. Just because you have it (the credit), does not mean you should spend it. I also see people treat their credit cards as their emergency fund, which is another poor use for credit.

    1. I agree. Both are not the best choices!

  16. I have credit card debt because I went over budget on my home renovations. We wanted all the major renovations done before moving in. Plus being first time homeowners we had no idea how expensive it would be. We should have done more research. It had been about 7 years since we had been free of credit card debt so it was painful to get back into that situation. Thankfully, we realize that we need to get rid of it quickly and we know what we need to do because we did it before.

    1. How much did you spend on your home renovations?

      1. $60k, we bought a fixer upper, but only $9k of that is on the credit cards. What really took us over budget was the labor cost because we didn’t know how to do any of it ourselves. We should be done paying that off by the end of this year.

        1. Yeah, labor can definitely add up quickly. Glad it’ll be gone soon πŸ™‚

  17. The majority of my debt is from student loans and not getting focused on it earlier. I was very uneducated on loans back in the day and made a few mistakes. I am actively trying to pay things off now though.

    1. You can do it Jason!

  18. My student loan debt was only 4 figures, which seemed small compared to others. I didn’t get serious about paying it off for several years- I just kept thinking I’d get to it someday. Luckily, I finally wised up and tackled it! I’m now debt free and it feels amazing. I know people who have that “I work hard, I deserve it” attitude, and I just want to tell them that they actually deserve the awesome feeling of relief and freedom that comes with being debt free instead πŸ™‚

    1. Congrats on being debt free!

  19. After many years of paying off school, car and home loans we will be completely debt free next month…the mortgage being the last thing to go. It’s a long journey that can be painful at times. I don’t plan on ever going back.

    1. Good job! Next month is very soon πŸ™‚

  20. One of the most frustrating sentiments that I hear with regards to saving is “yeah, but I want to enjoy my money while I am still young enough to do so” – this assumes that without excess spending, life is not enjoyable, which isn’t true in the SLIGHTEST.

    1. Haha I know! People act like I am miserable and they use that as their reasoning to spend like crazy.

      I like my life, I don’t know why people think I wouldn’t! Just because I am careful with my spending does not mean I am miserable.

    2. Stephanie@Mrs.Debtfighter

      I agree!! Once you start focusing on paying off your debts, you realize there are a lot of things that you thought you needed which you really don’t! We are a youngish couple (32 and 34) and hope to pay off our mortgage within a few years. We splurge occasionally and travel/camp but I will be able to “enjoy” the money when there are no payments to worry about! πŸ™‚

      1. Yes, there are so many things that people think they need and they actually don’t! Thanks Stephanie!

  21. That last point is the most dangerous. No one is “entitled” to buy themselves anything. Until you can buy everything you need for the month/year without a credit card as if you only had cash each month to work with, then you’re not ready to make luxury purchases.

  22. Nothing feels better than the loans being all paid off! Happy dance!! I think the 3rd one was a big problem for me – alllll of my classmates had the same law school debt. $15k (just tuition) a semester times 6 semesters? No one paid for that out of pocket. And a lot had undergrad debt too, which I didn’t. So I trapped myself into thinking “Natalie has debt too, it’s twice as much as mine! and she married someone with debt too! She’s way worse off, it’s fine.” But her debt has nothing to do with me.

    1. Happy dance!!

      And yes, I know what you mean. I would compare my debt to others so that I would feel better about myself. But, I still had a lot so that was stupid!

  23. Jessica

    I have about 3k in credit card debt, 20k in my new car loan, 0 in student loan right now… my credit cards will be paid off next month πŸ™‚ my car loan is something I put a lot of time and consideration into and I bought a car with 10k miles on it with full coverage on any repairs for the next 5 years so I think it was a good choice at 2% finance rate. I do however hope to pay it off about a year or two early while saving some money for a down payment for my house/apt/probably a closet in NYC right now lol but hey doesn’t hurt to try!. ALSO for the first time ever I am taking out student loans about 15k for 6 semesters which I don’t think is too bad considering I will probably enjoy a 20k salary increase once I finish. Food for thought but I think the best mentality to have is weighing out the pro’s and con’s before signing yourself to owe money.

    1. Sounds like you have a good plan Jessica!

  24. The whole entitlement syndrome is such a dangerous mindset. You can really end up on the financial edge just because you want to keep up with your neighbors. the truth of the matter is no one knows how other people are really affording those nice things. Best to focus on yourself and not worry about others.

    1. Yes, you just never know how people are paying for things, so you shouldn’t try to keep up with them.

  25. That picture is hilarious…free soda for applying for a credit card! With the amazing bonuses for credit card sign ups…this free soda takes the cake! I’m in student loan debt…but it is manageable and it probably increased my earning potential.

    1. Haha I know. I hope no one signed up just to get the soda.

  26. Haha yeah I’m not sure if that photo is real. I really hope it is not.

  27. Yup, I never thought twice about my student loan debt either. I just considered it normal and took out a ton.

  28. Sounds like you are doing well Charlie πŸ™‚

  29. I’m glad you are doing something about it Catherine πŸ™‚

  30. Yes, it is a sickness!

  31. I remember doing those same things when I was in debt. I was young so I would be fine. I can pay these things off no problem. Blah, blah, blah. Only you have the power to change your situation. Great article Michelle!

    1. Thanks Grayson! πŸ™‚

  32. Liz

    Coming to terms with your debt can be such an overwhelming process. Even when you do understand the why and how, it doesn’t mean that paying off debt is easy. It’s a long hard journey for most of us. I’m so glad I found this community of bloggers to enjoy the ride with.

    1. I’m so glad also! I love the blogging community πŸ™‚

  33. I seriously don’t understand the I-deserve-it mindset. What makes you feel entitled to everything you want? You only deserve what you can afford!

  34. Never again Tonya! πŸ™‚

  35. Petrish

    Love this article. I love that it deals with what is really going on behind the mentality of debt. I believe changing your mindset is the first step to becoming debt free….just saying.

    1. Thank you! πŸ™‚

  36. I decided to go to my first choice college and luckily it was also the one that gave me the most financial aid. But those years still came with student loans. I started out at 36k and am currently at 26k after about a 8 months (part of it was a lump sum). But knowing that I’ll be free from those experiences soon enough is what keeps me working harder and harder everyday. And I hate, absolutely detest when people say live life a little, you are only 23. Yes, but it’ll be even better when I’m 25 or 26 and have no debt.

    1. I went to my first choice college and it gave me good amount of financial aid. My second choice though gave me much more and for some reason I turned it down. I still kick myself over that!

      P.S if you haven’t yet, make sure to read my follow up post today πŸ™‚ https://www.makingsenseofcents.com/2014/02/how-to-eliminate-your-debt.html

  37. I currently have about $95,000 in student loans from attending a for-profit school (have been paying for 4 years). Naivety is the only excuse I’ve used for that. I also had a couple thousands of dollars worth of credit card debt because when I found myself un(der)employed, I often resorted to paying rent with a credit card. Not my proudest moments but that debt has been paid off.

    My husband and I, collectively, have about $15,000 left on our car loan we got last year after needing a new car when my beater bit the dust. We also have about $4000 in credit card debt because my husband is a big spender. When he was scheduled to go on a last minute deployment in November (it was cancelled), he went and bought himself a $2500 gaming laptop. When my video card stopped working he bought components to build a brand new computer instead of replacing my video card. We opened this credit card only a few months ago to help him build his credit after he paid off debt that was in collections. He obviously doesn’t know how to use it and never seems to hear me when I tell him we can only purchase things we budget with it. I’m currently at a loss with this one.

    1. Hey Kasey! I’m so sorry about money issues with your husband. It can be a tough one. Have you really sat down and talked to him about this? Of course, try not to scare him because it sounds like he sees money differently than you.

      I’m not sure if this is even helpful, but here are some articles that I quickly found.

      http://money.usnews.com/money/personal-finance/articles/2012/09/06/the-best-ways-to-prevent-money-arguments-with-your-spouse

      The comments on this one may be interesting – http://www.daveramsey.com/article/the-truth-about-money-and-relationships/

  38. Marvin

    I am a firm believer that you don’t “deserve” anything, you can only “earn” things. My mother in law is like that and it drives me crazy. It doesn’t surprise me that she’s in debt!

    1. Yes, you can only earn things. Thanks Marvin!

  39. What are you doing to eliminate your debt? πŸ™‚

  40. Peter H.

    Michelle, I think you just managed to hit every excuses so many of us have but would never say. This is the typical American way of thinking that got this country in debt. Plain ole’ financial illiteracy that doesn’t make sense. I can see why this post made it to so many round ups.

    1. Thank you Peter πŸ™‚

  41. I’m pleased to say that I have roughly $2 left on a credit card and then I’m DONE! Analyzing why I got into debt originally is tough but I’d probably say I spent too much time thinking I’d pay things off in the future. I lived in the now, but borrowed from the future to do it. What a fool I feel for that now (though hopefully I’ve learned my lesson).

  42. Mei

    I am $68,000 in debt. This includes my student loans $54k, car loan $9k, and credit cards $5k. My credit cards will be paid off by April/May of 2015.

    1. Good job on having a plan to pay off your credit cards Mei.

  43. Lacy

    in total I have a little less than 45 k In debt that includes my house, student loans, and credit card debt. I only in the last year accused the mess of credit card debt in trying to build credit to buy my home… Now to forget I have them and stop using them!

    1. I’m sorry Lacy! I hope you get out of your debt soon.

  44. gen

    I believe for me, and for a lot of people its all association. I was really young when I went to university and I was always a saver, I had a decent amount of money saved, but took a line of credit “just in case” as recommended by my bank. I didn’t plan to use it, until all of my friends used it, partied and bough very useless things, so I fell into the same trap. Then when I graduated I followed everyone else and bought a new car, new things for my place (luckily was still renting). Until a little over a year ago when I met the most amazing couple who had their lives together and were debt free.. the association from them rubbed off and my fiance and I have paid off over 60k in debt in a year and a bit, and are so close to being totally debt free. I will never buy anything again unless its in cash, car, vacation or even a house. I dont want to fall back in that, I have no problem renting and dont want a mortgage. Everyone thinks I’m extreme, but renting is awesome, I have the freedom to pick up and go whenever I want, and if something breaks someone is there to instantly fix it. Sorry for the rambling but I am so passionate about this now!

  45. Kitty

    I’m in debt because i had to move quickly when our neighbor decided we needed to die. we had to borrow money to move because we had to break lease and i had not gotten paid yet

  46. Shani

    I have $35k in Student Loans, $13k out of 32k left on my auto loan and 9k in credit cards. I am slowly working to get this down by using a budget system but I don’t think it’s working to the extent I need it to. Always looking for ways to get out of debt!

  47. Jen @ Frugal Millennial

    These are spot on! Believing that you have plenty of time to pay off your debt is a huge issue. I told someone that living with my parents and my brother at the age of 27 can be very stressful sometimes, and she told me I should move out and “just defer my student loan payments for a while.” Never mind the fact that my principal balance (which is already huge) would increase during that time due to interest. That’s a terrible idea. She said that’s what a lot of other people are doing. I don’t want to be like other people!

  48. Sylvia

    I have a total of about 50K altogether and cannot seem to get it down cause I borrow from Paul to pay Peter everyday. Help!!!!