Have your finances been rocked by COVID-19? If your credit card balances have ballooned and your payments have become unmanageable, New Era Debt Solutions offers help.

It is the most wonderful time of the year! This month gifts were given, memories were made, and oh my – so much money was spent. It is unfortunately much too easy to get wrapped up in holiday spending. On average, Americans racked up more than $1,000 each in holiday debt at the end of last year. On top of that, 28 percent of shoppers went into the season still paying off debt from 2017′s festivities.

You probably know personal debt is a serious problem for many people in the United States. But have you ever wondered how so many people get into debt to begin with?

The average American holds a credit card balance of $6,375. Debt can lead you to disastrous consequences and it can consume your assets. While it may seem like debt piled up overnight, it’s usually the result of small decisions made over time. Although there are many effective debt elimination programs like debt consolidation, it is important to be aware of the causes that lead to financial hardship.

New Era Debt Solutions highlights the top 5 reasons debt happens:

When you have credit cards that haven’t maxed out yet, debt doesn’t seem so bad. Until one day, you see how much money you have wasted on interest or you go to buy something essential and simply can’t afford it. When this realization occurs, you have two options, bury your head in the ground or get debt free.

You may have a spur of motivation when you begin this game plan. But after a while, these endorphins fade and reality sets in. While on your journey to debt freedom, it is only natural to have highs and lows.

Fortunately, New Era Debt Solutions has a few tips on how to stay on track: