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Are bad financial habits keeping you in debt?

On Behalf of | Oct 23, 2019 | Firm News

Your financial troubles could keep you up at night, disrupt your appetite and even cause health complications that keep you in your Tennessee physician’s office 24/7. While filing for bankruptcy could be the key to unraveling your precarious situation, you have to be brutally honest about the financial habits and practices that brought you to your current predicament. 

Money Crashers breaks down money habits that suck consumers into debt. Learn how to regain financial freedom. 

Buying on impulse 

Do you ever feel like you spend on auto-pilot, coming to your senses only after making an impulsive purchase? While not every impulse buy puts you on the road to financial despair, turning it into an unintended habit spells trouble. Learn how to differentiate your wants from your needs, and figure out your mental and emotional triggers for impulse spending. 

Wanting to keep up with everyone else 

Maybe chasing after status has left you out of breath and out of money. Succumbing to the spirit of competition and not wanting to feel left out could result in spending money you do not have on things you do not need. 

Using shopping as a means of therapy  

To feel better, you may go on a shopping spree. Attempting to self-soothe with your debit card may result in more depression, anxiety and stress. This is another area of your life that demands pure honesty and a change of heart about turning things around. 

Ignoring your debt 

Purposefully ignoring your debt only keeps you in debt. No matter how much it may embarrass or pain you to sift through unpaid bills and debts, it is the only way to stop dreading every phone call or mail run for fear of creditors contacting you. 

This information is only intended to educate and should not be interpreted as legal advice.