7 Things You Do That Gets You into Serious Debt

1. Excess Spending

Stop spending money that isn't absolutely necessary. Before you buy anything, ask yourself if the item or service is essential.

Ask yourself if there is a way you are able to get what you need without spending as much money.

For example, a cup of coffee is much cheaper if you make it at home than if you purchase it at Starbucks. $4 dollars here and there really add up and can be better put to use.

Excess spending causes debt because it leaves less for investing and saving.

2. Not Paying Attention

Opening another credit card just because you can get a 20% discount can hurt you in the long run.

If you don't pay off the credit card in full, you end up paying more because the card you opened might carry a higher interest rate higher than 20%. Not only that, it might carry an unnecessary annual fee.

Not paying attention means lost dollars and eventually turning into a debt nightmare.

3. Not Planning

Are you just spending money like crazy not caring for a rainy day?

What happens if an emergency happens, such as a car break down?

Things like that are unexpected and the only way to finance it is through debt, which is something you don't want. Not planning for taxes is another example, people forget that Uncle Sam wants his share, and not planning can hurt you financially.

4. Being Negative

Can whining about coming from a poor family really help you achieve your financial goals?

Having a negative attitude usually leads to an unhealthy attitude with money which can cause unnecessary spending and debt.

Just believing that you can't get out debt already kills your chances.

Drop the negative attitude.

And replace it with something like this: 

5. Impatient

Debt can be an uphill, and knowing that can be the first step to getting to the top. Being impatient will only lead to giving up and we don't want that.

Impatient also causes people to buy stuff that they don't need but just want. Impulse buying is a big sign that someone might be getting into debt soon.

Be patient and plan for how you will purchase an item, instead of adopting the unhealthy mantra of "buy now, pay later."

6. Charge, Charge, Charge

Plastic can be a real evil.

It doesn't feel like money. It is easier to swipe card to buy something than to pull out the actual dollars.

Studies have shown people who use plastic as means of purchasing items spend 24% more than those consumers who use all cash. So stop charging all the time.

7. One Man Show

No man is an island.

If you need help with financial advice, seek help from others.

Thinking you can do everything yourself will leave you lost and unmotivated. Having others to support you can help get out of debt and stay out of it.