We’ve all seen the LendingTree commercials where the guy says:
“I’m in debt up to my eyeballs. I can barely pay my finance charges. Somebody help me!”
If that sounds like you, read on. Here are a few reasons why you’re swimming in debt and what you can do about it.
No spending plan. Without a plan or financial goals, you’re headed down the road to digging yourself deeper into debt. A spending plan establishes goals and principles. If your goal is to save $20,000 for an emergency fund, then you need to avoid more debt along the way.