Debt problems can happen for a variety of different reasons but the end result is the same. Common reasons for getting into debt include the following:
Discover some of the main reasons why people get into debt.
Debt problems can happen for a variety of different reasons but the end result is the same. Common reasons for getting into debt include the following:
1. Living Beyond Your Means - It can be tempting to sample the finer things in life like expensive restaurants, luxurious holidays and fancy cars, but the trouble is that once you start, it’s a difficult habit to stop. If you can’t actually afford these things in the first place then it’s all too easy to get into debt and even easier to ignore the financial consequences.
2. Long Term Illness – Illness is something you can’t anticipate and if you’re off work for a long period of time then your finances will more than likely suffer too. Many people are left with statutory sick pay as their only source of income which is not enough to cover their monthly outgoings.
3. Growing Family – Bringing up a young family can really hit you hard in the pocket. Children constantly need new clothes and days out can prove expensive. If your finances are already tight then having an extra mouth to feed could lead to you having to depend more on borrowing to make ends meet.
4. Redundancy – A sudden and unexpected job loss can have an incredibly dramatic financial impact. This is particularly true when it happens to the main earner and you have no savings to fall back on. Finding a new job on a similar salary is not always easy and it’s at times like this when you could be forced to turn to unsecured loans and credit cards in order to pay your household bills.
5. Expecting the Unexpected – For many people in the UK today it’s hard to earn enough money to keep their heads above the troubled financial waters, let alone put some aside for a rainy day. A surprise event such as having to replace your old car or boiler because they’re beyond repair is often enough to tip the balance and leave you short at the end of each month.
6. Not Knowing Your Limits – Borrowing money is fine as long as you can afford to pay it back within the conditions set out by the lender. With credit cards in particular it’s easy not to notice that your limit has been increased and just keep spending without considering whether or not you can actually afford repay it as and when it’s due.
At Debt1 we take hundreds of calls every day from people who’ve gotten into debt problems for a whole host of reasons. Our job is not to judge you, we’re here to offer you expert advice and find the best option for you to become debt free.
Call one of our friendly and understanding advisors today on 0800 043 4747
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