{"id":3066,"date":"2021-07-12T08:00:00","date_gmt":"2021-07-12T13:00:00","guid":{"rendered":"https:\/\/www.accrediteddebtrelief.com\/blog\/?p=3066"},"modified":"2026-04-10T10:35:07","modified_gmt":"2026-04-10T15:35:07","slug":"6-reasons-youre-stuck-in-debt","status":"publish","type":"post","link":"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/","title":{"rendered":"6 Reasons You&#8217;re Stuck in Debt"},"content":{"rendered":"\n<p>Dealing with debt can be an incredibly scary and stressful experience, but it\u2019s also a common struggle for many Americans. CNBC recently reported that <a href=\"https:\/\/www.cnbc.com\/select\/average-american-debt-by-age\/\" target=\"_blank\" rel=\"noreferrer noopener\">the average American has $90,460 in overall debt<\/a>, including credit cards, student debt, mortgages, and personal loans.<\/p>\n\n\n\n<p>You might be asking yourself, \u201cIf debt <em>is<\/em> such a big problem, then why aren\u2019t we all pulling ourselves up by our bootstraps and <em>fixing it<\/em>?\u201d Unfortunately, getting back on track financially is often much easier said than done, and there are many barriers that keep hard-working individuals <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-steps-to-take-when-youre-drowning-in-debt\/\">drowning in debt<\/a>. Here are six common reasons you may be unable to regain financial control:<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">1. Lack of Income<\/h2>\n\n\n\n<p>Yes, this one is pretty obvious \u2014 debt happens when a person doesn\u2019t have enough money to cover what they owe. An unexpected job loss or sudden pay cut can greatly hurt your ability to cover monthly bills. Even if your income remains intact, you may find yourself in a situation where your <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/the-cost-of-living-around-the-world-in-2021\/\">cost of living<\/a> has outpaced your income growth, which can make it even harder to put money towards your debt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How To Fix It:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ask for a <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/how-to-ask-for-a-raise\/\">raise<\/a>.<\/li>\n\n\n\n<li>Update your <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/brush-up-your-resume-with-our-free-template\/\">resume<\/a>, write some <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/write-your-cover-letter-with-our-free-template\/\">cover letters<\/a>, and <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/acing-your-in-person-phone-and-video-interviews\/\">interview for jobs<\/a> with better pay.<\/li>\n\n\n\n<li>Start a <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/side-work-and-freelancing-ideas-for-your-next-hustle\/\">side hustle<\/a>.<\/li>\n\n\n\n<li>Reduce your cost of living.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">2. Not Having a Clear Plan<\/h2>\n\n\n\n<p>How do you know the state of your finances if your finances aren\u2019t organized? How can you tell you\u2019re headed in the right direction with your money if you don\u2019t have a game plan? If you don\u2019t have a budget or clear, actionable goals to work your way out of debt, you\u2019ll have a harder time making progress.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How To Fix It:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Create <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/create-smart-goals-with-our-free-worksheet\/\">SMART financial goals<\/a>.<\/li>\n\n\n\n<li>Run a <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/how-to-run-a-swot-analysis-on-your-finances\/\">SWOT analysis<\/a> on your finances.<\/li>\n\n\n\n<li>Make and follow a <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/start-budgeting-with-our-free-worksheet\/\">budget<\/a>.<\/li>\n\n\n\n<li>Use a debt repayment strategy like the <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/debt-repayment-methods-snowball-vs-avalanche\/\">snowball or avalanche<\/a> method.<\/li>\n\n\n\n<li>Use a <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/debt-payoff-worksheet-diy-get-out-of-debt-formula\/\">debt payoff worksheet<\/a>.<\/li>\n\n\n\n<li>Work with a <a href=\"https:\/\/www.accrediteddebtrelief.com\/free-quote\/\">Consolidation Specialist<\/a> to create a plan.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">3. Lack of Financial Education<\/h2>\n\n\n\n<p>Sometimes, the root of your financial woes is a lack of knowledge. This definitely doesn\u2019t mean that indebted people aren\u2019t intelligent \u2014 many have simply never received a solid financial education.&nbsp;<\/p>\n\n\n\n<p>If you feel like you\u2019re behind when it comes to money know-how, you\u2019re not alone. In an Investment News poll of financial advisors, 78% strongly agreed that <a href=\"https:\/\/www.investmentnews.com\/financial-literacy-an-epic-fail-in-america-78385\" target=\"_blank\" rel=\"noreferrer noopener\">financial literacy<\/a> is a strong concern in the U.S., but only 4 in 10 of them report having done anything to address the issue.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How To Fix It:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Take a <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/are-personal-finance-courses-worth-it\/\">personal finance course<\/a>.<\/li>\n\n\n\n<li>Learn from <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-personal-finance-influencers-you-should-follow\/\">personal finance influencers<\/a>.<\/li>\n\n\n\n<li>Connect with a <a href=\"https:\/\/www.accrediteddebtrelief.com\/free-quote\/\">Consolidation Specialist<\/a>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">4. Emergencies and Unexpected Circumstances<\/h2>\n\n\n\n<p>The saying \u201cbad things happen to good people\u201d is all too true, and unfortunately, those bad things often come with a hefty bill. Unemployment, illnesses, emergency repairs, accidents, natural disasters, divorces, and deaths aren\u2019t the kinds of things that we actively anticipate. These emergencies and unexpected situations have a tendency to sneak up on us, complicating both our lives and our finances.&nbsp;<\/p>\n\n\n\n<p>There are some precautions we can take to protect us from \u201cworst-case scenarios,\u201d such as building an emergency fund or purchasing insurance. Unfortunately, those safety nets have a limit. Once the funds are spent, most people lean on credit cards or take out a personal loan, which can quickly lead to a huge mountain of debt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How To Fix It:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Create an <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/why-you-should-have-an-emergency-fund\/\">emergency fund<\/a>.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/7-essential-steps-to-take-in-a-financial-emergency\/\">Take essential emergency steps<\/a>.<\/li>\n\n\n\n<li>Keep <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/5-ways-to-keep-medical-debt-off-your-credit-cards\/\">medical debt<\/a> off of your credit cards.<\/li>\n\n\n\n<li>Avoid taking on more credit.<\/li>\n\n\n\n<li>Get insured and keep your coverage up-to-date.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">5. Only Making Minimum Payments<\/h2>\n\n\n\n<p>If money is tight, it can be tempting to only make minimum monthly payments on your debts. While this can help in the short term by keeping creditors off your back for another 30 days, it hardly makes a dent in what you owe and keeps you in debt longer.&nbsp;<\/p>\n\n\n\n<p>Interest can also keep you down \u2014 the more time you take to pay off your primary balance, the larger your interest charges will grow. <a href=\"https:\/\/www.marketwatch.com\/story\/how-long-does-it-take-to-clear-a-2000-credit-card-with-minimum-payments-2015-07-07\" target=\"_blank\" rel=\"noreferrer noopener\">MarketWatch<\/a> explains this well with an example: a $2,000 credit card balance with an 18% annual interest rate can take just over 30 years and cost $4,931 in interest charges if only minimum payments are made.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How To Fix It:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Make more than minimum payments.<\/li>\n\n\n\n<li>If you can\u2019t afford to make more than minimum payments, consider other debt consolidation options.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">6. Losing Hope<\/h2>\n\n\n\n<p>If you\u2019ve accumulated a large amount of debt, trying to overcome it can feel like a never-ending battle. The stress of creditor calls, constant bills, and choosing what bills you can afford to pay may have taken a toll on your <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/debt-stress-and-mental-health\/\">mental health<\/a>. Your debt may also stir up fear, leading you to run away from and ignore it rather than face it head-on.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How To Fix It:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Know you aren\u2019t alone! <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/the-worlds-household-debt-visualized\/\">Debt is a worldwide problem<\/a>, but it can be overcome.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/talking-to-your-partner-about-money-and-debt\/\">Share your feelings with your partner<\/a> and get on the same page with money.<\/li>\n\n\n\n<li>Meet with a financial advisor or a <a href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/behind-the-scenes-with-a-certified-debt-specialist\/\">Consolidation Specialist<\/a> to discuss your options.<\/li>\n\n\n\n<li>Learn to manage <a href=\"https:\/\/www.beyondfinance.com\/newsroom\/financial-ptsd-galen-buckwalter\/\">financial stress<\/a>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Work Towards a Brighter Financial Future<\/h2>\n\n\n\n<p>Debt shouldn\u2019t feel like a life sentence. If you\u2019re struggling to overcome your debt, it may be time to research your relief options and seek help from a financial professional.<br>Accredited Debt Relief\u2019s Consolidation Specialists have helped match more than 140,000 clients with options that fit their unique needs. Reach out today to learn more and receive your <a href=\"https:\/\/www.accrediteddebtrelief.com\/free-quote\/\">free consultation<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.accrediteddebtrelief.com\/free-quote\/\"><img loading=\"lazy\" decoding=\"async\" width=\"606\" height=\"200\" src=\"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2020\/12\/BlogCTA_Footer_NCv2.png\" alt=\"Accredited Debt Relief - Get a Free Consultation\" class=\"wp-image-1516\" srcset=\"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2020\/12\/BlogCTA_Footer_NCv2.png 606w, https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2020\/12\/BlogCTA_Footer_NCv2-300x99.png 300w\" sizes=\"auto, (max-width: 606px) 100vw, 606px\" \/><\/a><\/figure><\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dealing with debt can be an incredibly scary and stressful experience, but it\u2019s also a common struggle for many Americans. CNBC recently reported that the average American has $90,460 in overall debt, including credit cards, student debt, mortgages, and personal loans. You might be asking yourself, \u201cIf debt is such a big problem, then why [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":3067,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[48],"tags":[],"class_list":["post-3066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt"],"accredited":{"author":{"name":"Mikaela Sullivan","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/author\/msullivan\/"},"categories":[{"name":"Debt","slug":"debt","url":"https:\/\/www.accrediteddebtrelief.com\/blog\/category\/debt\/"}],"thumbnail":"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/07\/432x768_TopDollar_6Reasons_InDebt2.jpg"},"acf":{"edited_by":"","reviewed_by":"","fact_checked_by":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>6 Reasons You&#039;re Stuck in Debt - Top Dollar<\/title>\n<meta name=\"description\" content=\"What\u2019s dragging your finances down? These six common situations keep many people stuck in debt \u2014 learn how to overcome them with Top Dollar.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 Reasons You&#039;re Stuck in Debt - Top Dollar\" \/>\n<meta property=\"og:description\" content=\"What\u2019s dragging your finances down? These six common situations keep many people stuck in debt \u2014 learn how to overcome them with Top Dollar.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"Top Dollar\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AccreditedDebtRelief\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-12T13:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-10T15:35:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/07\/432x768_TopDollar_6Reasons_InDebt2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mikaela Sullivan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@accredited_debt\" \/>\n<meta name=\"twitter:site\" content=\"@accredited_debt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mikaela Sullivan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/\"},\"author\":{\"name\":\"Mikaela Sullivan\",\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/#\/schema\/person\/05ebbe3ff59cff62c32e94d5890f2a64\"},\"headline\":\"6 Reasons You&#8217;re Stuck in Debt\",\"datePublished\":\"2021-07-12T13:00:00+00:00\",\"dateModified\":\"2026-04-10T15:35:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/\"},\"wordCount\":918,\"publisher\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/07\/432x768_TopDollar_6Reasons_InDebt2.jpg\",\"articleSection\":[\"Debt\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/\",\"url\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/\",\"name\":\"6 Reasons You're Stuck in Debt - Top Dollar\",\"isPartOf\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/6-reasons-youre-stuck-in-debt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.accrediteddebtrelief.com\/blog\/wp-content\/uploads\/2021\/07\/432x768_TopDollar_6Reasons_InDebt2.jpg\",\"datePublished\":\"2021-07-12T13:00:00+00:00\",\"dateModified\":\"2026-04-10T15:35:07+00:00\",\"description\":\"What\u2019s dragging your finances down? 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