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When you are young and working, retirement savings may be put on the back burner out of necessity in order to pay off more immediate bills and debt. If so, you are not alone. A shocking 36% of Americans have yet to begin saving for retirement. In fact, 41% say they don’t even have $500 socked away for emergencies. But without retirement savings or a retirement plan you will not be able to maintain your standard of living when you retire. Although retirement may seem far away and it may seem very difficult to save, saving money now has major benefits.

Every store you go into in October is filled with Halloween themed décor, food, and candy for sale. Putting your mortgage, rent, and other monthly payments before Halloween festivities is not always an easy task. Especially when you see everyone all over social media buying pumpkins and attending expensive Halloween attractions.  

Studies show that Americans are expected to spend $9 billion on Halloween candy, costumes, and decorations alone. This is a very large amount since American household debt has reached over $13 trillion this year. The average consumer is found to spend $169.81 each on Halloween festivities, which can be out of reach while paying off debt.

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: