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5 common causes of credit card debt

Your credit card can be a helpful tool if you use it correctly and responsibly. Unfortunately, it is easy to rack up credit card debt. 

The causes of credit card debt vary widely and are often unique to each person. However, there are some noteworthy trends. Here are some situations, habits and factors that contribute to financial ruin.

1. Making ends meet

Sadly, the reality is that it can be difficult to avoid daily expenses, such as the following:

  • Groceries
  • Utilities
  • Child care

According to a survey from CreditCards.com, people blame day-to-day expenses as the number one reason they build up debt. 

2. Retail purchases

Buying things such as electronics and clothing is sometimes necessary and it does not hurt to splurge a little if you have some expendable income. However, if you buy these items impulsively, justify your purchases or do not know how to manage your money, retail purchases may make your credit debt get out of control. 

3. Medical costs

If you develop a sudden illness, get an injury, need a costly MRI or simply get a checkup, the bills can become impossible to pay. Health care expenses are especially problematic for those who are unemployed. 

4. Home repairs

Some common home repairs include the following:

  • Roof maintenance or replacement
  • Hot water heater replacement
  • Window replacement
  • Exterior painting
  • Siding installation or replacement
  • Kitchen remodel
  • HVAC maintenance or replacement

These repairs can cost several hundreds or thousands of dollars, leaving you with mounting credit debt. 

5. Vacation expenses

There is nothing wrong with going on a trip if you can afford it. Sometimes you deserve to treat yourself. But if you spend more than you can bear, you may put yourself in the hole. Dealing with more debt because of vacations is more likely for people who make $75,000 or more per year. 

If you are in deep in credit debt, you should do whatever you can to get out of it as soon as possible.

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