Do you find yourself getting into debt, working hard to pay it off (finally!) and then...getting into more debt? Does that credit card bill never seem to move that much, no matter what you do?
In debt. Boo.
Debt free. Yay!
Debt, again. Boooooooo.
If this cycle sounds familiar, you're not alone. This is such a common situation that I coined a phrase to describe it - binge debting.
Binge debting is common, difficult to break out of, and psychologically and motivationally very demeaning. It can make you feel hopeless, dumb, and ashamed.
There is, however, a cure.
Just like with binge dieting, binge debting's more well-known cousin, the solution lies in fixing the underlying issues.
The underlying issues that lead to binge debting? Lack of cushion (savings), and lack of planning (a budget).Read More