No Way But Down: 3 Reasons Why People Stay in Debt


Everyone dreams of a better life for themselves and their family. To achieve their dreams, people work hard and earn their work’s worth. Some even earn less than their actual worth, but regardless of circumstances, people still work hard to attain those dreams. For those fresh out of school or graduating, jobs often await them. And for them, receiving that first paycheck will always be a special memory.

It’s easy to get caught up in excitement when you get your first paycheck. Most of the time, people often use it to pay debts or buying their needs or wants. However we want to look at it, and no matter what type of debt you have, you have to be responsible with paying it off.

The sad truth is that most people work to pay off debt, rather than working for their wants and needs. For a lot of us, working hard can be a slow, but sure way of paying our debts. For some, however, they tend to stay in debt and even go lower. So why do they stay there? Why do they go deeper? Here are some reasons why people often remain in debt.

Not Prioritizing the Right Stuff

Before anything else, let’s get one thing right: It’s not wrong to be in debt. Everyone has some sort of debt. What’s crazy is that people often bury themselves in too much debt that they can handle. 

Now one of the reasons why people don’t get out of debt is that they don’t prioritize the important things. The scenario below is typical, and unfortunately, some of us have been in this situation before:

A guy gets his paycheck for this month. He remembers that his rent is due next week and that he has an outstanding phone bill to pay as he’s already behind two months on his payments. As he’s going out, he sees a brand new pair of sneakers. He goes in the shop and buys the pair as he’s confident that he can pay his rent and pay a partial on his outstanding bill. He does pay his rent and pays his partial. However, since he’s behind two months, the mobile provider issues him another penalty that only adds to the next month’s bill. “ 

By this time, you might be saying that he should have paid the bill instead of buying the shoes. You’re right, and he should have paid that bill. But the reality is that most of us don’t see it coming and we’re there: right in the center of having to pay another senseless debt that should have been paid out a month ago. 

Not Having a Budget Plan or Not Sticking to It

Once you have that paycheck, you should always have a budget plan before you do any spending with it. It may sound extreme, but it works, especially if you have lots of debts to pay. When you have a proper budget plan, you see where your money is. From there, you can allocate funds to pay off debts until you clear them off. 

Budget plans help you control your spending habits and tell you when to step back a bit when you’re spending too much. Some people already have plans, and that’s a good thing. However, the bad part happens when they don’t stick to it.

Not following through with your budget can be very disastrous and can bury you with even more debt. Once you start paying off those newly acquired debts, it’ll be even more challenging to budget your finances the following month.

They “Think” They Know Too Much

Some people will tell you that credit cards can only bring you more debt. In a way, that is true, but who isn’t in debt? Credit cards can actually help if used responsibly. For once, it allows for faster, more convenient transactions in case you’re not carrying any cash. A person who responsibly uses his or her credit card can also have their loans processed faster. 

Credit cards are excellent ways for lenders to see how trustworthy a debtor is. They can see how good your credit score is. Credit Score Trend, Payment history, type of loans, and other factors are used to determine your credit score.

 Any score below 580 is a red flag for lenders and will fail most of your loan applications. Those with scores of 740 and above have higher chances of getting their loans approved. Now others might say that “Credit Scores are just numbers made up by people in the market.” They might just be “numbers” however, you should think twice.

A 2012 study found out that some companies use credit reports as part of their background checks when hiring new employees. Applicants who have bad credit scores may not make it all. Cable companies, mobile phone providers, basically any utility you can think of can make use of your credit scores and can accept or deny your applications. 

Some landlords even make use of credit reports when renting apartments or spaces to people. The next time that someone says that credit scores are just numbers, be sure to tell them not to underestimate these “numbers.” 


Again, being in debt is normal and can even help you pay off other debts faster. Reasons like being overwhelmed with your money, being too confident, not sticking to budget plans, and not willing to sacrifice are what keeps most people in deeper trouble.

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