Debt Triggers: What Are They?

A debt trigger can be just about anything. Debt does not discriminate against anyone.  The bottom line is that anyone at anytime can find themselves under a pile of debt that they can’t seem to dig themselves out of.  Realizing the variety of debt triggers out there and what is a specific trigger for you can be a helpful proactive way to avoid debt before it singlehandedly ruins your financial future.

A trigger is a situation that stimulates a specific course of action. In terms of debt triggers, there are many of them; especially for people who use credit as a way of life.  For those who enjoy shopping, buying and spending, carrying a credit card in your pocket can be a trigger to spend money even if you know you won’t have it when the credit card bill comes. Anything that prompts you to immediately search for your credit card to pay for it can be a debt trigger.

Beware of Your Triggers
People are different in terms of how they think and what they use credit cards for.  Some may find themselves using credit out of necessity; to pay the bills or buy groceries because they have fallen on hard financial times. Others may use it for the things they want that they just don’t have the cash to pay for at the time. Many people find themselves triggered when they see a deal that they just can’t pass up. This is a trigger that causes them to reach for the card because if they don’t get it now they will loose the opportunity later. This is a trigger that is often used as a marketing tactic by businesses to get people to spend.  Don’t fall victim to the schemes.

Here are a few examples of some common debt triggers:

• In store or online sales that promises great items at low cost.

• Online shopping and catalog ordering is so accessible not to mention quick and easy.

• In-store credit card offers that promise a percentage off if you sign up for the card at the time of purchase.

• Not having the money but having a credit card in your pocket. Be careful of putting yourself in a situation where there is temptation to buy when you know you can’t afford it.  If you are going to an event where you know you will be tempted leave the card at home, it will only work as a trigger to spend money that you may not have.

• Using shopping as a reward can be dangerous and expensive. The same is true for shopping when you are in a bad mood or upset. If shopping or buying is something that is considered a reward for you, doing so in a high emotional state can be a trigger to spend more than you can afford.

Control your Triggers
Triggers come in all different forms; each person can be triggered by a different emotion or event.  Debt triggers all lead down the same grim path if they are not controlled properly.  A good rule of thumb is that if you don’t have the cash to pay for it you probably shouldn’t get it. 
The thing with debt triggers is if you let them control you each swipe of the card comes with an additional charge attached to it.  Know yourself, your habits and keep yourself out of harms way by paying attention to the triggers that can very quickly and easily lead to the path of debt.