A lot of people don't realize these symptoms that can cause heavy debt. Sometimes, they do realize it but they just don't know any other way for their finances. Let's check if you have some of the dreaded symptoms of Heavy Debtitis.
1) Spend More than They Earn - a lot of people have the lifestyle of the rich but the salary of the poor. Too much nightlife, eating out all the time, money for their sugar daddy/mommy, and going on a trip without a definite budget are just a number of the many reasons why people fall into heavy debt.
2) No Emergency Fund - I have already talked about emergency fund before here and here so I won't elaborate further more. What I will elaborate is how people fall into the debt trap without this fund.
When emergencies happen, most people's solution is getting a loan, and this is an emergency so it's not really something you have prepared. So, of course, your budget gets disrupted (IF you have a budget to begin with).
3) Instant Gratification - you know that feeling after you got your paycheck for the month and you decide to buy something, like a camera, smartphone, or lots and lots of chocolate as a reward for your hard work and you forgot (or not even thinking) that you have a problem to face in the future like healthcare when you're old, or tuition for the kids in college, or a retirement fund. Yeah, this is what I mean.
4) In Search for Recognition and Fame - you know that friend whose always buying new stuff like that new laptop he/she always brings, five smartphones which he/she just only uses one, that expensive iPad that has all the not free apps (also including the blender app for his/her milk shake),
always going out of town even if he/she has no money, buys everyone food, throws a party every week just so he/she could feel important in the crowd. Everyone drools at this guy/gal. He/She looks well off. What you're not seeing is the underlying horrible debt that their facing.
5) Believe Debt is the ONLY Solution - this is a problem with a lot people who aren't financially educated. Can't buy food for your family? Solution: Debt! Son was hospitalized because of an accident? Solution: Debt! Can't pay children's college tuition fee because of unpreparedness? Solution: Debt! Electric Bills are overdue? Solution: Debt! And then the heavy debts bury you 6 feet below the ground.
If you have these problems, I suggest you consult yourself first (no, not a financial adviser). I believe that the best financial adviser is YOU. Evaluate yourself first and avoid these problems.