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Common Reasons People Fall Into Credit Card Debt

Millions of Americans each year will either struggle to keep their finances positive or fall into debt. Each person who goes into debt will do so for his or her own unique reasons, of course, but many cases are linked directly to credit cards and other forms of credit lines. What is it about credit cards that can lead so many people into difficult financial situations, or even bankruptcy?

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Here’s a few reasons why people commonly fall into credit card debt:

  1. Decrease in income: Habits are hard to break, including spending habits. People who rely on credit cards for purchases big and small can start to do so instinctually, not really paying close attention to the finances actually behind the swipe of a card. If a person’s income is reduced for any reason, it does not guarantee that they will reduce their expenditures to match. This imbalance of earning and spending can pile up debt faster than most expect.
  2. No budget: Talk to just about any young adult and ask them how they are budgeting their money and they will probably admit that they are not. There are no courses in high school leading to adulthood about how to budget your finances responsibly, and so the thought to do so understandably never crosses most peoples’ minds. Without a budget, there’s no telling how close you are to credit card debt until it actually happens.
  3. Minimal savings: If you open an account with a bank, you will likely be offered both a checking account and a savings account. As the name implies, your savings account is supposed to hold all the money you save, as in whatever you did not need to spend that pay cycle. Only a small amount of people will actually maintain a savings account, allowing it to grow month over month.
  4. Banking on luck: Lastly, some people who get into credit card debt make the mistake of assuming that “everything will be fine” since everything has been fine up to that point. It is hard to imagine falling on hard times or going through a bankruptcy, so some might assume it just cannot happen to them.

No matter the reasons you have fallen into credit-related debt, you can find supportive legal counsel at the Law Office of Simon Goldenberg, PLLC. Our New York and New Jersey credit card lawyer has been helping people find solutions to serious debt crises for years and has earned selection to Super Lawyers® and a flawless 10.0 “Superb” Avvo rating. Get more information about our law firm and your own choices to find debt relief by contacting us and requesting an initial consultation with our team.


Results vary; prior results do not guarantee similar performance. Simon Goldenberg is licensed to practice law in NY and NJ. This page does not contain any legal advice.