10 habits that could be keeping you in debt, continued

Category: Debt


Does it seem that no matter what you do, you just can’t get rid of debt once and for all? There may be certain things you’re doing that could be keeping you in debt. Some of the following are common habits that frequently keep people in debt:


Smoking is a habit that is not only bad for your health, but bad for your wallet. Cigarettes are expensive, and depending on how much you smoke, they could be eating away at your budget. If you find that you’re constantly putting cigarette purchases on your credit cards, or that you’re taking the money you need to pay bills to buy cigarettes instead, take action to cut down or quit. Not only is it better for your health, but the money you save can be used to help pay off debt.

Not sticking to your budget

It’s really important to create a budget, track your spending, and make sure you stick to your budget. If you’ve gotten in the habit of buying things and paying bills, but without tracking where your money goes, it can be easy to overspend and turn to credit cards in order to pay for necessities. Also, if you create a budget and stick to it, you may find that you can pay more than just the monthly minimum payments on your loans because you know exactly where your money is going each month, and you know what expenses you can cut down on.

Saying “just this once”

A large purchase, a charge on a credit card you shouldn’t be using, a risky loan that you know is a bad idea: it’s one thing if you tell yourself it’s “just this once” and you actually mean it. But is it something you make a habit out of? If “just this once” is more routine and is far from an isolated incident, break the habit immediately. Anything that you know could put a burden on you financially, even just one time, should be avoided. Once it becomes a habit, it can keep you in debt.

Sometimes, it can be difficult to break certain habits that keep debt around, especially if you’re having financial troubles. But if you’re receiving periodic payments from a structured settlement or annuity, you may have the option of receiving money sooner, instead of waiting for your payments to arrive. By selling future payments, you can receive your money in one lump sum and without the long wait. Imagine how much easier it can be to take care of expenses, including debt, just by receiving a lump sum of money sooner.

At Peachtree Financial Solutions, we can purchase some or all of your future payments and send you a lump sum payment. It’s up to you to decide whether you want to sell all of your payments, or just a portion of them, while keeping the remainder of your payment stream intact. We offer several different options to help our customers with their unique goals and needs. To learn more about selling future payments for a lump sum of cash, contact Peachtree Financial Solutions today.

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Nothing above is meant to provide financial, legal, or tax advice. You should meet with appropriate professionals for such services.

Tags: budgeting, credit cards, gambling, monthly bills, shopping

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