' How Do People Get Into Debt? - Law Offices of Robert M. Geller, P.A.

How Do People Get Into Debt?

how do people get into debtHow do people get into debt?

Are you struggling with debt? Do you feel like the weight of your financial burden is crushing you?

If so, it’s important to understand that you’re not alone. Millions of people around the world are in the same boat, wondering how they got into so much debt and how they can get out of it.

What are some of the most common causes of debt and are they avoidable? Here’s what you need to know.


One of the most common reasons people get into debt is overspending. We all have the urge to buy things we don’t necessarily need, especially if they’re on sale or we’ve had a hard day.

Unfortunately, it’s easy to lose track of your spending when you’re making impulse purchases. Before you know it, you’re deep in credit card debt. To avoid overspending, create a budget and stick to it. Only buy things you need and can afford.

Lack of Income

Another reason people get into debt is a lack of income. If you’re not earning enough to pay your bills, it’s easy to fall behind and start racking up debt.

While it’s not always possible to increase your income, you can try to cut back on expenses. Look for ways to save money, including:

  • Carpooling
  • Making meals at home
  • Choosing a cheaper phone plan
  • Canceling subscriptions
  • Clipping coupons and shopping for grocery sales

Medical Expenses

Medical expenses can also be a major cause of debt. Even with insurance, healthcare costs can add up quickly, especially if you have a chronic condition or require frequent doctor visits.

If you’re facing large medical bills, work with your healthcare provider to develop a payment plan. You may also be able to negotiate the cost of your care or seek financial assistance.

Student Loans

Student loans can also be a major source of debt, especially if you don’t have a clear plan for paying them back after graduation. While student loans can be overwhelming, there are ways to manage them. Look into consolidation or refinancing options, and consider enrolling in an income-based repayment plan.

Life Changes

Finally, significant life changes such as a divorce, job loss, or unexpected illness can lead to debt. These situations can be difficult to predict or control, but it’s important to be prepared. Build an emergency fund with three to six months’ worth of living expenses, and seek out resources such as unemployment or disability benefits if needed.

Debt can be overwhelming, but it’s important to remember that there are solutions. By identifying the root causes of your debt and taking steps to address them, you can regain control of your finances. This helps you work toward a debt-free future.

Whether you need to create a budget, seek financial counseling, or file for bankruptcy, there are resources available to help you along the way. Remember, you’re not alone, and there is hope.

For more information about debt or if you need help dealing with overwhelming debt, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.


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Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

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St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

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Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

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