Debt—it’s as normal as waking up in the morning and brushing your teeth. But just because debt is “normal” doesn’t mean it’s good for you. We have a fun little saying around here when it comes to debt: Debt is dumb. It really is.

Debt robs your present and steals from your future. Debt keeps you stuck in a cycle that makes it impossible to build wealth. But sometimes, people are so caught up with being in debt, they can’t see a way out.

There are all sorts of excuses people give for staying in debt instead of taking steps to become debt-free, and all of them are bogus. Don’t fall for any of these 12 lies:

1. Debt is normal (or even beneficial).

How many times have you heard one of these money myths:

You need to have a good credit score! (No, you don’t.)

There are good debts—and tax benefits! (No, there really aren’t.)

It’s okay to have a car payment and student loans! (No, it’s not.)


2. Money is complicated.

A lot of people in debt think they have to be some sort of math wizard to understand and win with money. But that’s a load of crap!


3. You’ll never make enough money to live debt-free.

Whether it takes you six months or six years, paying off your debt is possible no matter what your income looks like.

4. The sacrifices aren’t worth it.

Sometimes it’s not about making more—it’s about spending less.


5. Having a budget limits freedom.

Some people in debt don’t even know how much debt they’re in (or how much it’s costing them), because they’re not keeping track of it.


6. You need to keep up appearances.


This comparison game is known as the dreaded “keeping up with the Joneses” mindset. But little do you know, the Joneses have a leased BMW and they took out a huge loan to redo that kitchen.

7. “I want it, and I want it now!”

It’s all fake. A lot of the time, you can’t afford that stuff. And it’s only going to weigh you down.


8. Not using debt is a scary lifestyle change.

Reality is, it’s just as easy to buy things without debt.

9. Getting out of debt isn’t a priority.

As long as I make the minimum payments every month, it’s not that big of a deal.

Uh . . . yes, it’s still a big deal—and an expensive one!

10. You don’t need your spouse to be on the same page.

Money and relationships can be tricky territory, but it’s even worse when a couple isn’t seeing eye to eye. I have tried it and once he got on the same page as me our snowball effect took off and we had money after Friday's.

11. You need a credit card for emergencies.

Look, emergencies happen (Christmas is not one of them, FYI). But that’s why you need an emergency fund. Let a fat stash of cash be your safety net—not some overhyped piece of plastic that charges you fees just for having it.

12. It just isn’t possible.

The truth is, getting out of debt isn’t easy. It takes a lot of hard work and discipline.


Read the whole article at 12 Lies That Keep People in Debt