Here are a few common reasons:
Spending more than they earn.
Emergencies and unexpected expenses.
Paying only the minimum amount due each month, many people unknowingly extend the life of their debt and end up paying more in interest.
FOMO and keeping up with the Joneses.
Lack of an emergency fund.
Job loss or reduced income.
People can end up in credit card debt for all sorts of reasons, and it’s not always because they’re being careless. Life happens, and sometimes credit cards become a go-to option. To avoid losing all your sources of income and getting into debt, consider starting a side hustle—here’s a list of our top side gigs from home.