There are a lot of people want to get out of debt as soon as possible. However not everyone can make it.

There are a lot of reasons why people cannot get out of debt. One of the main reasons is the way they think about money and debts. I can see this from the people around me and I found that with different thinking on money, they will generate different financial results. So the way you think is very important in the process of getting out of debt.

If you want to get out debt and in order to help you to do so, I have collected some of the “Thinking” that people have that make them going deeper into the debt. So if you found that you are having the similar thinking, please make a strong decision and change it. Without further ado, here they are:

Thinking That Grow Your Debts

• I don’t worry because I have room on my credit card. Besides living paycheck to paycheck, some people are living from credit cards to credit cards. They don’t have any cash on their hands so they have to depend on their credit card to pay their expenses. Maybe they take some cash advance or just pay most of the bills using their credit card first. They always think that there are still plenty of credit rooms available in their gold card. They never understand that they are actually playing with the “fire”.
• I don’t worry because there are plenty of credit cards offers coming to me. We receive a lot of junk email or mail in our mail box from time to time. Some of them are coming from banks which offer us some new credit cards, balance transfers, cash advance checks and etc. I found that some people are happy with this offers. Maybe they think that new credit cards mean they have more credit to buy something that they need or wish. For me, this is only another sales trap that creditors want us to spend more and become the money slave for them.
• Balance Transfer is working side by side with me. Some people think that they are smart and those stupid credit card companies cannot outfox them. They just keep looking for new offers for balance transferring. They think that they are smart and the worst thing is they think balance transfer is their ultimate weapon to fight debts. However, for me, they are going no way as they just balance transfer and never pay any money on it. By the way, more balance transfers will cause a drop over our credit too.
• Paying the minimum payment is enough. I found that some people only pay the minimum payment of their debts and think that this is the right move to maintain their credits and keeping their buying power. However, in fact, they take years to pay off their debts through this way. If things go worse, your minimum payment is increasing because of those finance charge, cash advance fees and also your charges on the cards.
• I can always pay this off next month. Well, I believe most people will think like this before they buy something which they cannot pay with cash at that particular moment. Yes, maybe you can pay off for the first thing you buy. But it is not after you buy 10 things with your card. This is the magic power of credit cards, you won’t know how much you have spent until the day you receive you bills. This is why I always recommend people to treat their cards as cash instead of something that can let you buy now and pay later.
• I’m too busy and tired to handle my bills today. Well this is another great procrastination reasons that people give themselves to skip handling their bills. If you don’t manage the bills and money properly, you will never know how you spend your money and where are you now financially. That’s means you will never feel the dangerous even your finance is in the hot water.
• Adding another $100 to debts is nothing to me as I already in debt. I think this is the most dangerous thinking that people have. Their thinking is giving up and indulges their buying desires to add more debts. This is simply another reasons to keep their mind peace to buy what they want to.
• Just deny all the problems. I think a lot of people will have this kind of thinking. They just deny and avoid facing their financial problem consciously and subconsciously. They just keep doing what they like to do (buying) and think that they don’t have any problem. Sometime I really curious how this group of people think that can block their mind from seeing those financial problems and keep on buying while they are in debts.

Conclusion

I believe there is more thinking that might help people get into the debt deeper and quicker. If you knew something other than what I was saying above, please share it with us here. I think many of us want to know about this.

Related posts:

1. Debt Control - Debt Fighting Tips, Part 2 : Stop Getting New Debts In my financial free formula, I pay a lot of...
2. 8 Debt Signals that Tell You How Serious is Your Debt Synopsis: People can’t get out of debt because they don’t...
3. My Personal Experience on Getting out of Debts I visit a lot of personal finance forums and I...
4. Debt Control - Debt Fighting Tips, Part 3 : Live on Cash Basis This is Part 3 for the series post Debt Control...
5. Debt Control - 10 steps to debt freedom Today, I found a good article called “10 Steps to...
6. Debt Control - Pay Down Credit Card Debt : APR vs Minimum Payment Credit card debt is one of the most ” famous”...