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They Said YES! 6 Ways We Keep Bad Credit Habits

“When you know better, you do better…” It’s been said, but more often it turns out that this statement is a BIG FAT LIE. In actuality, when many of us know better, we don’t do better; instead we rationalize our shortcomings and become master manipulators of ourselves and others. We make it okay to be living outside or well beyond our means. We give excuses that make us feel better for missing our self-appointed marks.

Ever told yourself that “I’m going to start saving more money each month” or “I won’t buy a brand new car. I’m going to pay off this one and enjoy not having a car note?”  How about “I’m going to stay in this rented apartment and put back the extra money as if I’m paying a mortgage to get my down payment up?” You have a clear plan and you mean well, so why doesn’t it work? It boils down to a person’s access, discipline, knowledge and a power of the wills. When you know better, several factors play into why you do not “do better.” Check out “ 5 Ways We Keep Bad Credit Habits” below:

  1. You Feel You Deserve It -Ego – I need something for me. I always sacrifice is what you tell yourself. So the moment you finally decide to “treat yourself” no one should have anything to say.
  1. Someone Finally Said YES! – That credit card at Macy’s, the Car you always wanted, that house you don’t really qualify for…You’ve been turned DOWN or not approved for credit so many times, now that you’ve finally heard a ‘yes’ you’d better take advantage of it, right?
  2. Spend, Spend, Spend: You’re Doing It For The Kids – I didn’t have finer things as a child- my parents didn’t have it, so my kids should have everything that I didn’t have. This is what makes it all worth it.
  1. You Can Fix It – “If I make this decision, I can always repair what I messed up.” Situational ethics – you justify buying something based on what you currently want (right or wrong), believing that you can always start over or you will “put it back once you get paid”.
  2. Hands Off: My Spouse Takes Care of It– You get too frustrated even talking about “money” and “budgeting” so you rather not deal with it at all. You have absolutely no idea what’s happening with the bills or bank account.
  3. No Financial Education (Personal or Business)- You’ve never had an official personal finance or management training course. Your parents never talked to you about money, credit etc. You know what you know (by default based) on what your life experiences have taught you.

Changing bad money habits is hard, but it’s worth learning how to do better, if you truly want to be better. To start towards healthy money management,  check out these 10 Treasury tips on how to better start managing your finances: