If you are like most Americans, you live on a tight budget. Many even live from paycheck to paycheck, making their salary stretch for weeks or even months at a time before receiving the next infusion of funds. Living this way is stressful, and leaves little to no room for emergencies. Therein lies the problem with living paycheck to paycheck, being unprepared for an unexpected event.
There are other consequences to spending the exact amount, or more than you earn. Among the problems with paycheck to paycheck living, even on a decent salary are:
- Emergency situations wind up getting paid for by credit, which costs you more than the value of the service due to the interest.
- Luxury items are out of reach, which has a negative impact on the economy. When consumer spending is down, companies are forced to reduce their workforce, which leads to job cuts. These cuts lead to an increase in dependency on social programs and can stagnate economic growth.
● It is impossible to save or invest.
This way of life is familiar to even those that earn a good living. This is because the more we get, the more we seem to believe we need. Overspending is becoming a bigger problem than overeating, and the consequences are just as harsh. Eventually living from week to week will catch up with you, and the need for serious debt relief will surface. You do have options, and they are designed to get you back on your feet and give you a fresh start. Whether you are considering bankruptcy, debt consolidation, need help making a budget, or have general questions about debt management, we can help. Call our office today, and begin taking the steps that will get your finances back on track.
If you have questions about debt, let an experienced attorney help you. Call a Plantation, Florida debt relief attorney today for more information.