AR Debt Relief

Most Common Ways the Average American Racks Up Credit Card and Loan Debt

If you are like one of the millions of Americans struggling to get by in today’s economy, you most likely have some sort of debt. It might be a loan that was required for you to attend school, or a credit card you have had to help you with basic needs like groceries and gas, but either way, you are in debt. It is a very common thing in today’s day and age and it does not look like it is changing anytime soon. The worst thing about it, is that it is so common that most people tend to think it is not that big of a deal. This is in part because of a lack of education, but also comes from a place of normalization due to the widespread debt throughout the country. It would not surprise me to find out that more than half of the people in the entire world are so badly in debt that they will never ever be able to rid themselves of it. That means that this debt is going to keep continuing to grow, getting passed down through generation after generation. I would hope that one day this debt would be able to be forgiven, but if not, then the interest on each principle amount will just continue to increase.
Not only are individuals more in debt now than ever before, but the country itself is in debt and will most likely always be in debt. If you know anything about the way that money is created and printed, then you probably know that every dollar is created in system of debt. There is no money that starts fresh, but only brings more debt to a country that is already drowning in it. There are a few common ways that individuals end up in debt, here are a few:
College and School Loans
There are many people out there who will never have to think about paying for their schooling, because they are fortunate enough to have their school paid for them by their parents or grandparents. However, for many of us, we have lived perfect financial lives, saving money and living with strict rules about what we can spend and what needs to be saved. Yet even then, we end up with decades worth of date because society tells us we need to go to school and get a degree before we can go to college.
Shopping Habits
One of the most common ways people run up debt is by shopping and buying things they cannot afford. Of course, there is no problem with buying something every now and again. If you like to shop at Kate Spade once a year, don’t be hard on yourself. However, if you are using your credit card to go shopping at Kate Spade daily, or maybe even weekly, you should think twice about where all your money is going and how you are going to pay that off in the future.