The Original Safe

The 4 Main Reason People Get into Debt?

There are many reasons as to why people end up in debt. We don’t realize it, but we put ourselves in debt with the way we think.

Here’s a list of a few:

  1. Thinking you are Entitled

People think that they are entitled to spoil themselves especially if they are in a specific situation. They discover ways to psychologically convict themselves into justifying their debt levels. “I need to buy myself a new shoe because I’ve just had a bad day”. “I need to take out a loan because I’m too poor to afford it.”

Instead of trying to work their way out of situations, they only feel sorry for themselves and dig deeper holes of distress and debt. Find a solution to change your situation. Instead of loaning money and feeling sorry for yourself, try to save money. Work hard to change your situation.

  1. Impressing Others

In this day and age, people take into consideration what other people say about them. It doesn’t matter how old they are, many still feel overwhelmed by what others think of them. They believe that how people see them is based on what they drive, the house they live in and the clothes they wear.

This leads to buying and spending a lot of money on things they do not need, simply to impress others.

  1. Great Expectations

Expecting a raise, expecting the death of a relative or expecting an invention of yours from way back to earn you millions. Some even depend on money someone promised to give them for whatever reason.

So, they rely on that non-existent money to pay their bills (rent, a car payment, groceries etc.) and use their money to buy useless things worth the amount they were promised. So when they are not paid the money promised, it becomes a problem. Before you know it, you are taking out a loan to pay for your car this month.

  1. Convincing yourself that you are a Special Case

Some have this habit of thinking that they are special cases. They then feel that they need to borrow money to get by. Your debt should be kept under control. “But I am a singer, I’m a policeman, I’m unemployed etc.”

Borrow only to buy appreciating assets and not depreciating assets and maybe the occasional emergency, which you should have saved for in any case. Debt for consumer goods is not worth it.

Avoid finding ways to justify why you have to spend money on things you do not need.


  • Phillip Johnson

    The Editor’s articles are a collection of articles submitted by non-regular contributors. They are just as valuable as any other. The Editor may have tweaked with a word or two, to provide clarity or improve readability and clarity. You read knowing that the Editor has selected some of the best knowledge to share with the readers of For comments and submissions, email