Debt happens in all forms, matter of fact its a way of life for 80% of Americans in each generation. Some say there's good debt and bad debt. I say if you're willing to sacrifice your future buying power, the debt you incur should have some form of return on it i.e. education, housing and transportation (if used to make income). Those types of debt are incurred willingly, knowing full well (hopefully) what you're getting into and what the return will be. That is what I like to call rational debt.
There's another type of debt that isn't talked about as much and one I like to call the 'feel better debt' or irrational debt. It's incurred by so many to ease struggles any one of us deals with at any given point of our lives. It helps numb strife in relationships with spouses, children, at work, and sometimes helps calm the feeling after getting the diagnosis you weren't ready to hear.
This irrational debt tends to creep up on you. It doesn't happen overnight, but slowly over a period of time until you wake up one day and are asking yourself how are you going to pay for it. You start feeling bad and ashamed. You hide it from your spouse of significant other. You try to pay it off but the interest is working against you. After six months you feel like you're in the same place you were when you realized it was way more than you thought.
You are not alone. This is real. This phenomenon has been studied and researched and even has a name, 'diversion buying'. Diversion buying happens to millions of Americans every year.
Banks and credit card companies know diversion buying is real and is used as an efficient way to release and cope with daily stress. In turn, they make it very easy for you to get access to so much credit, even if its outside of your means, because they know you'll use it and they'll make money off of you.
Instead of feeling ashamed, take control of this knowledge and make a plan to get out of debt. Read my blog on credit card pay-off strategies to help you get out quicker. If you're having trouble making a plan or finding money to pay-off your debt, that's where I can help.
I'm not here to tell you what's right or wrong for you personally, I'm here to help take the shame out of why you're in debt and help you get out of it.