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Below is a list of the top ten causes of personal debt. If you have excessive debt, we invite you to receive a free debt relief quote. We will help you determine what the best course of action for eliminating your debt is.

1. Less income coming in while expenses go unchanged. It is very hard to reduce spending habits for basic goods, like food, when there is less income coming in for the household. The quicker you can regulate your expenditures, the less likely you will fall into debt.

2. Failed marriages. Your financial obligation to joint debt incurred during marriage do not disappear. Learn more about divorce and your debts.

3. Managing your money poorly. One of the smartest things you can to do to ensure that you minimize spending, and maximize savings, is to develop a plan for spending that you stick to every month. You should write down all of your expenses and your income and determine what you can spend on miscellaneous items and what you can expect to save. When looking to reduce debt, it is important that you stop using credit cards.

4. Not working enough. If you are not making enough money to pay your bills and expenses, then you need to either find a new job or get a second or third job.

5. Gambling. Placing bets on sporting games or going to casinos to gamble is very addictive. In fact, gambling is one of America's biggest obsessions.

6. Medical costs. There a few reasons as to why people are falling into debt as a result of unpaid medical expenses. Periods of time not being insured, lapsed health insurance policies and the over-all high cost of health insurance that is often not affordable for some people.

7. Not having any money in savings. It is wise to always have some emergency money put aside for unforeseen expenses, i.e. illness, car repairs, divorce, etc.. A rule of thumb is to try and save 4 - 6 months worth of living expenses. You can invest your money in CDs, bonds or a high yield savings account. Doing so will allow your money to grow.

8. Not discussing your finances with your family. Establish goals. Talk about what kind of spending habits are expected. Map out a financial strategy that will help you detail your monthly finances.

Being honest with your spouse is very important. Know all credit card accounts and what the activity is for each.

9. Spending the money you have saved in anticipation of receiving money from a job bonus, inheritance, etc.. Unfortunately, tomorrow's money is not always a sure thing.

10. Not understanding the concept of money, i.e. saving, spending, budgeting, etc.. If you fall into this category, it would be wise to buy some books, visit some websites or take some classes about personal finances. Getting educated now will help you avoid financial disasters!

One of the first things to help regain your financial well being is to develop a budget. This will help you better manage your money.

Related Info:
Are you behind on your mortgage payments? Are you worried about going into foreclosure? We offer advice on how to prevent foreclosure.


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