Let’s get started on the right foot. Let’s figure out with you’re in debt in the first place. Some of you are in debt because of a series of unfortunate events that were beyond your control. These are things like medical bills, natural disasters, losing your job, etc. But what I’ll discuss here are debts caused by lifestyle choices.
- Social acceptance. Everyone wants to keep up with the Jones’, but some of you try and keep up with the Jetsens. Believe it or not, it does not matter if your car is the nicest one on the block. There is no prize if your lawnmower has more horsepower than your neighbors.
- Laziness. We all lead busy lives, so we tend to pay more to get what we want faster. So instead of packing a quick lunch at home, you get something on the road, and end up paying 5x more for it. You’re too busy, so you hire someone to do the cleaning instead of doing it yourself. You do all this for the sake of saving time, but what about saving cash?
Part of the
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It’s all about self control..
The two reasons you mentioned are good, but I think the problem results from two fundamental aspects of our consumer base. Most prominently, we fail to discern the difference between “wants” and “needs”, and to a lesser extent, the level of impulsiveness that has been bred into every person since they were old enough to understand a commercial. The two feed off of each other. Before it is able to sink in about whether we truly “need” something, it is off the shelf and in our homes. All is made possible thanks to a steady flow of easy to obtain credit.