With so much money being paid out every month it can be hard to make the monthly budget balance, never mind have much money left over for socializing, holidays or personal shopping. Just servicing your current levels of debt can leave you with nothing to spend.
Worse this can push you further into debt. As you have less and less money to spend it is easy to turn to other credit sources to allow us something to use for fun, some socializing or purchasing money. The more you do this, the harder again it can be to meet the monthly payments.
You also end up further in debt. With interest charges building up on your debt every day and other built in charges for any missed payments the penalty for being in debt is pretty severe. Worse you can get into real legal problems if you continually miss minimum payments.
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