In 2009 my wife and I reached a financial breaking point. We had racked up $109,000 of credit card debt through thirteen years of financial irresponsibility. We could no longer make all our monthly payments and maintain the lifestyle we had been living. We made significant changes to every aspect of our lives and are now just a few short months away from eliminating that mountain of debt.
Throughout the last four years, I’ve shared my story on Enemy of Debt as a warning to others who may be heading down the same path of financial failure. Credit card debt is a slippery slope that can start with one unnecessary purchase. You swipe a card and feel the adrenaline rush of buying whatever you want, whenever you want. Soon, you find yourself coming up with excuses to justify buying things you cannot really afford. I know this path all too well. Here are the top five lies I told myself that led me down the road to almost certain financial ruin.
5 “I Need That!”
4 “It’s on Sale, So I’ll Save Money!”
3 “I Deserve That!”
2 “I Can Afford That!”
1 “I’m Doing Fine”
You constantly tell yourself all four of the previous lies and don’t see anything wrong with that. You refuse to change your perspective on money or your spending behaviors. You fail to see the life you could have if you didn’t have to make those credit card payments each month. Until you can admit to yourself that you need to change, you will forever be a slave to increasing balances, and the interest you pay each month will line the pockets of someone else.
How many of these lies are you telling yourself?
For more information about detrimental spending, visit the Top 5 Habits that you don’t realize are hurting your credit.
And if you are over-exteneded, take a look at these 5 compelling Reasons You Should Remortgage today.