Getting out of debt sounds simple: Spend less money and pay off what you owe. Unfortunately, it's not always that simple, especially when dealing with significant levels of debt -- like medical debt that you may never earn enough to pay off. For more common, everyday debt, these are a few reasons people may not be able to shake it:
-- The debt stems from addiction. This doesn't have to be an addiction to drugs, alcohol, gambling or any other cliches. It could be as simple as an addiction to shopping or eating out that saps all of a person's extra funds each month.
-- They want to look like they still have it all. People often buy the nicest houses and cars that they can afford, even if they can barely afford them. They won't sacrifice that new car for a used one, for example, because they want to keep their appearance intact.
-- They don't want to change their lives. Getting out of debt may mean skipping out on vacations, working longer hours or eating cheaper food. People are often resistant to any change.
-- It's less work to live with debt. Yes, it keeps getting worse, but change is hard. It takes work and effort. Even people who know they need to act may not do so.
What you must know is that debt relief is possible. No matter why you got into debt, there are options -- including legal options -- that can help. If the things listed above have been holding you back, it may be time to look into all of the possible tactics you can use for change.
Source: Dave Ramsey, "6 Reasons People Stay in Debt," accessed Jan. 12, 2017