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5 Reasons Why You Cannot Get Out Of Your Debts

By Expert Author: Graeme Byers

Life is not same always, sometimes financial crisis makes life difficult to live, but that does not mean, you cannot control that situation. But the controlment does not mean to depend on the credit cards and taking credits all the time for fulfilling all the redundant requirements, because this is what is the reason why you cannot get out of debt.

Literally to say, debt is like the dark cloud over the head, which can be a cause of thunder storms in your life and can be even worse, if you do not show serious attitude toward it.

Remember that, there are ways to overcome debts, but first you need to understand the reasons why you can't get out of it.

1. You do not have saving account

Not having saving account can be the biggest reason why you cannot get out of your debt problems. Saving account saves you from getting into debts by letting you to be liable for paying the costs that arises sometimes due to accidents or some health issues.

In other words you can say, it is the biggest asset that literally saves you not to rely on the credit cards. But sadly the absent of saving account is more likely that, your expenses are depended on the credit cards and is not letting you out of your debts.

2. You are paying high interest rate

Another reason why you cannot get out of your debt is your high interest rate on your credit card. Every card holder pays more than 13% or 15% percent of every expense, which certainly adds more debt burden to the card holder, and makes him unable to pay, if he takes the pay off longer.

3. You are paying the minimum

Minimum payments are although affordable and convenient, but that cannot pay off the credit card balances fast. Even it can neither accomplish the debt recovery of the credit card company nor can get you out of the debts.

4. You do not have right support

Even though you have good intention for paying off, but unless you have support from a financial advisor or a debt collection agent, finding ways for paying off your debts can be impossible.

5. You cannot deny yourself

Your temptation and the desire is what (again) cannot get out of your debt problems. Truthfully speaking, most of us have financial limitations, but when you ignore to accept that and use credit cards, you add more debt problems in your life.

Graeme Byers is the debt collector, who helps small businesses to avoid bankruptcy situation by enabling them to recover their debts. For more information visit us icollect.co.nz

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