10 Reasons Why Your Debt Keeps Rising

June 22, 2017

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1. Past medical bills: insurance may not have been able to cover them entirely, leaving you with more than you can afford

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2. 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

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3. Poor management of money: spending too much on luxury items and not leaving enough to pay bills afterwards

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4. 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

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5. 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

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6. 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

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7. Divorce: splitting up with a spouse can be costly not allowing you to make monthly payments on other accounts

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8. 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

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9. 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

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10. 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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