How can I end binge debt ?
Like binge eating or drinking, binge debt is the act of accumulating debt at an excessively dangerous rate with no way to repay it. Binge debt has turned into an epidemic in both Great Britain and United States. Though few people understands that binge debt is as damaging to their financial health as binge eating and drinking is to their physical health, consumers persist to rack up debt at alarming rates.
Normally, binge debt happens due to unconscious spending habit. Consumers start out by buying items on credit and repaying only the lowest amount due on their bill. As their balance grows, their minimum payment rises and they become trapped in the nasty circle of repaying debt, while still needing money for their everyday expenses. The result is that an individual usually ends up owing more than a person could ever possibly imagine to pay back caused by spending thousands of dollars in interest and possibly even damaging their credit.
Many people point their fingers in the credit industry for binge debt, believing the idea that the credit industry extends more than a practical amount of credit to consumers, making them become severely in debt. While the credit industry is nobody’s friend, bad spending habit is the one to blame. Millions of people have resorted to using credit as a means to get things they want but cannot afford to pay for cash.
While it was once general practice to possess only one credit card for the purpose of buying airline tickets, rental cars, or covering an emergency, most people now own two, five or more credit cards. Because of binge debt, many people also carry too much balance on all their credit cards, with many finding their cards maxed out.
Ending binge debt starts with changing your spending habits. If you are carrying extreme consumer debt, you should find a way to adjust your spending habits and get your balances under control. Instead of wasting hundreds of dollars in interest every month, you must be in a position to save that money. The binge debt cycle can only be broken after you stop spending and start repaying your debt.
