Getting Used to Debt

Have you ever heard someone say, “Oh, it’s only this much debt!”? Or maybe, “It’s not that big of a deal.” While I maintain my hatred for debt and do everything I can to avoid debt, there are many people who get used to it. Living in debt is dangerous because it can be the new norm. Instead of working really hard to get out as fast as possible, many people are happy with where they are financially.

How People Grow Accustomed to Debt

When you first hear that people grow accustomed to debt, you probably have one of two responses: One option is to shake your head, asking yourself, “How could anyone ever get used to debt?”. The other option is “It’s not that big of a deal.” These are two completely different responses, and while I understand why people might think debt isn’t the end of the world, it has its disadvantages.

People grow accustomed to debt just like anything else. It’s a natural part of life. Have you ever got in a hot tub and felt like it is scolding hot, only to realize that you can bare it? Debt is the same way. You adjust to your current situation and psychologically, this is a way to adapt to your poor financial situation. Otherwise, you’d probably go insane from the stress. Yet, just because you get used to it, doesn’t make it okay. The hot tub is still hot and debt is still bad!

Negative Consequences of Getting Used Debt

Growing accustomed to debt is bad for many reasons. Here are some that come to the top of my mind:

  1. You become more relaxed in paying off your debt
  2. You splurge more because you feel like it’s not that bad
  3. You fail to meet your savings goals or incentives and then feel bad about it
  4. You pay a lot of money in interest
  5. You never learn how to save for something; you always buy things on credit
  6. You have a tough time qualifying for a loan
  7. You can’t control your spending, which can lead to ruining friendships and marriages

The list goes on and on. The important thing to realize is that with continuing to live in debt, you are affecting your entire life. It’s not just your money that is affected. It’s your relationships, your career, etc. Everything is influenced by how you approach debt.

Whatever you do – don’t let yourself grow accustomed to debt.

2 Responses to Getting Used to Debt

  1. Great points! To get used to being in debt feels like “giving up”. For me if I had to be in debt at all I’d make sure it was for things that are going to have extremely high potential to make me some money in return: Like running a business or buying a rental house.

    All those other forms of debt are just superficial and should easily be avoided. There is no reason not to pay off your credit cards in full every month. There is no reason not to make your mortgage or car payment. If you can’t, then something fundamentally is really out of whack and needs to be re-evaluated. Try using only cash or just don’t spend so much.

  2. […] Guru @ Debt Free Blog writes Getting Used to Debt – Find out how and why people grow accustomed to debt and ways you can pay off your debt as […]