10 Reasons Why Your Debt Keeps Rising

Rising Debt

10 Reasons Why Your Debt Keeps Rising

  • Past medical bills: insurance may not have been able to cover them entirely leaving you with more than you can afford
  • Source of income decreased: whether it be losing a job, having hours cut at work or a death in the family, monthly bills cannot be paid with current monthly income
  • Poor management of money: spending too much on luxury items and not leaving enough to pay bills afterwards
  • Financial illiteracy: not understanding the financial system and how credit may have a substantial effect on your future if you would like to purchase a home or car
  • Supporting a family member financially: someone in your family may have run into financial trouble themselves leaving you to help them out and forcing you to miss monthly payments
  • Expectations do not match up to reality: a bonus at work may be planned and not work out or a substantial check may end up bouncing after you spend the money
  • Divorce: splitting up with a spouse can be costly not allowing you to make monthly payments on other accounts
  • Student loans: by the time you are out of school and have a stable income, a student loan balance might be too high to make reasonable monthly payments
  • Too many bills: if you have too many accounts, you might have lost track of one or more accounts in the process allowing the balances to grow with interest
  • Cost of living increases: the same cart full of groceries or the same tank of gas might cost more over time and income is not enough to cover it

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