5 Ways Some Families Get Into Debt
If you want to know how to get out of debt, look for another article. Here my intention is to get where it all begins: What thoughts make you go into debt along with your whole family.
They are powerful rationalizations and praise-worthy emotional impulses that give you high shares and perhaps a negotiation in court with some financial institution. Now, we need to identify why people get broke and families run into debts.
1. To establish your standard of living consult your credit and not your income, after all, the installments fit in my pocket.
We live in the country of credit and not of income. We are bombarded with attractive card proposals and bank loans (proposals only omit that we live in the country of interest and that much of our income goes straight from our pocket to the financial ones, but okay, in the end always has a way).
So, if you want to get into debt fast, just offer a credit card to your loved ones and establish as consumption threshold your credit limit and not your household budget.
2. Prevent your children from being discriminated against in school and buy everything else your classmates have.
The world is very busy we have to give priority to the “best” material, otherwise, how will our children know that they are loved? So try and limit their deep desire to want this and that and then never get it all for them. If you get it all for them, then you would just spoil them and then run the family into debt.
3. Try to reduce the desire to please everyone in the family. If you do that, then you would see that the family would be running like a flashlight into debt.
Buying everything on the spot for them can really bring the family to a stage of bankruptcy.
4. Work hard, save hard
The raining day is always around the corner. In a way, if you are spending just the way you earn the money, then it would really be a sad state whereby you have just nothing for the raining day.