person giving a helping hand to someone in debt under pile of past due bills

5 Reasons People Stay in Debt

Getting into debt is easy – but what about getting out of it? If you’re struggling with too much debt, you’re not alone. A study in the Complex Story of American Debt shows that 80 percent of Americans have some form of debt, whether it’s a mortgage, car loan, unpaid credit card balance, medical and legal bills, student loans, or a combination of those.1 If you’re dealing with too much debt, there may be reasons behind this. MaxLend, an alternative solution to payday loans, shares some of the reasons people stay in debt.

Failing to Plan

We’ve all heard the old saying, “failure to plan is planning to fail.” One of the reasons many people stay in debt is because they fail to create a plan for their lives and their finances. One of the ways you can start to get debt under control is by creating an emergency fund. An emergency fund is one of the most important accounts you can set up to provide yourself with “backup cash.” You should also learn to set realistic financial goals for yourself, such as getting yourself out of debt in a certain time frame. By being aware of the problems and setting goals to fix them, you are working toward getting debt under control.


Credit cards make it easier than ever to overspend. If you keep your credit card on hand at all times, you may be more likely to use it for anything and everything. If you hate the thought of being in debt, start using your debit card rather than your credit card on every necessary purchase. This way, you are using “real” cash and you understand how much money you can and cannot spend. You can keep track of the money in your debit account and begin budgeting to get out of debt.

Living Beyond Your Means

Many people who stay in debt are spending all their money trying to maintain a lifestyle that they simply cannot afford. Living beyond your means can rack up significant debt that can be difficult to pay off. If you want to get out of debt, you may need to reduce your expenses. This means you have to stop buying things you don’t need just to impress friends you don’t have.

Lack of Priorities

If you don’t have your priorities straight, how are you supposed to get debt under control? Many people stay in debt because their priorities aren’t in order. If you have been struggling with debt for quite some time, getting out of debt should be one of your top priorities. If you’ve been dealing with debt since earning your degree, you should be prioritizing ways to manage debt after college. If your bills are constantly piling up, you need to figure out ways to stay on top of your bills, rather than pushing them to the side hoping that they’ll figure themselves out one day. The most successful people are the ones who set their priorities straight before they’re in a bind.

The Great Unknown

One reason people may stay in debt is that they simply do not know how to get out of debt. It’s not surprising that people struggle with debt. If you have no idea how credit works or how interest rates can affect you, it can become increasingly difficult to manage the debt that is building up. Fortunately, there are debt counseling services available. You can not only become more educated in the finance sector, but you can also have someone counsel you to make your way out of too much debt.

If you are falling behind on bill payments and find yourself struggling, you may be able to obtain money loans or cash loans online from a reputable lender. At MaxLend, we offer short-term installment loans, or loans you can pay back incrementally rather than in one lump sum as you would if you opted for a traditional payday loan. For more information on how you can obtain cash loans online, or how you can benefit from a loan loyalty rewards program, contact MaxLend at 877-936-4336, or apply for cash online today.

Infographic - 5 Reasons People Stay in Debt

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[1] The Pew Charitable Trusts Report – The Complex Study of American Debt

The content on this site is for informational purposes only and is not professional financial advice. MaxLend does not assume responsibility for information given. All information should be weighed against your own abilities and circumstances and applied accordingly. It is up to readers to determine if this information is safe and suitable for their own situations.

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