When You Can’t Keep Up With The ‘Joneses’ Because You’re In Debt: Debt-Free Counseling
Today’s world is full of connections from just about every angle. It’s nothing to be able to watch the lives of complete strangers on social media and have ‘relationships’ with people you may never meet in real life. It’s no wonder we find ourselves constantly comparing our lives to those of others. This comparison often leads us to realize we can’t keep up, and we can end up in debt trying to do so. Here’s what you may not realize, though: most of the other ‘Joneses’ you’re comparing yourself to can’t keep up either. Deciding to seek debt-free counseling may be the best way to break free from the chains of debt.
They Can’t Keep Up Any More Than You Can
United States households currently sit on a whopping $14 million dollars in debt. Household debt continues to trend upward slowly, and reports suggest consumer debt is about $1.3 trillion higher than a peak high in 2008. According to the New York Federal Reserve, it’s easier than ever to get deeper in debt because of low unemployment, cheap borrowing costs and strong consumer confidence.
But that confidence is often short-lived as the credit card bills come in, and more and more people find they are having trouble making even minimum payments. This is very likely because a large portion of Americans spend more than they earn. In fact, according to research conducted by the AARP and the Association of Young Americans, more than half of Americans spend more than they earn, and almost 50% are weighed in deep with credit card debt. Nearly half of the surveyed have absolutely nothing left over each month to save for retirement, and 70% of Americans believe their level of debt is a serious problem.
Sadly, over half of those surveyed said they would only be able to cover expenses for three months (or less) if they lost their income.
In a few words? Most of your neighbors and coworkers are just as broke as you are, and most likely can’t keep up with their ever-growing debt either.
Why Do We Go In Debt Just To Keep Up?
These days, it’s just too easy to compare our lives to those around us, and even to those of people, we may never actually meet in real life. You hear about your neighbor’s family cruise for Christmas and think you need to look into that for your own family. Your co-worker comes in with his new Mercedes, and all of a sudden, your Honda Civic seems to pale in comparison. And factor in that on a daily basis, you’re bombarded with social media images that tell you all the best in life is just waiting for you?
It’s hard not to fall for the trap that if you can’t keep up with the others you are around or follow on social media, you’re somehow not successful. Your sense of belonging, self-worth, and yardstick of success is often measured by the material possessions that others around you have. The “Buy now, pay later,” mentality becomes too appealing.
The problem is that we simply can’t keep up and often grow deeper and deeper in debt. CareerBuilder research found that 78% of U.S. workers live paycheck to paycheck just to make ends meet. Sadly, one in ten workers making $100,000 or more still lives paycheck to paycheck. When you’re just trying to make ends meet, debt continues to creep up due to interest rates and growing payments. You may seek debt-free counseling before turning to bankruptcy.
All of a sudden, keeping up with your neighbors doesn’t worry you as much as simply keeping your own head above water.
Where To Turn When You Just Can’t Keep Up Any Longer: Debt-Free Counseling
There are many options when it comes to debt-free counseling and debt relief. Particularly if you’ve run yourself and your finances ragged just trying to keep up with the Joneses, you can turn to the experienced debt specialists at UmbrellaDEBT. You don’t have to walk the scary path of accounts being charged-off or put into collections alone anymore. UmbrellaDEBT’s debt specialists will review your specific financial situation so they can help offer the best debt-free counseling and debt relief options for you. There’s no judgment about how your debt has accrued; just committed, specialized help in getting you back on the path to a debt-free life.
UmbrellaDEBT specialists know that the debt you’ve accrued to keep up with others around you has burdened you, and you don’t have to figure out how to get out of debt alone. They’ll work to reduce your overall debt so that you can have the most affordable debt relief options available. Your debt can be settled for about half of what you owe in some cases. This means that you won’t have to live paycheck to paycheck anymore. You can even start building a savings fund for emergencies again once you are out of debt.
Mostly, it means you don’t have to worry about keeping up with the broke Joneses. Instead, they’ll want to keep up with you and your efforts toward debt-free lives. UmbrellaDEBT cares and is waiting to help you stop running a race you’ll never win. Make the call today or apply online to stop keeping up with others and start forging your own path of financial freedom.