{"id":34585,"date":"2018-10-18T06:54:14","date_gmt":"2018-10-18T10:54:14","guid":{"rendered":"https:\/\/canadianbudgetbinder.com\/?p=34585"},"modified":"2025-01-12T07:02:52","modified_gmt":"2025-01-12T07:02:52","slug":"break-debt-cycle","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2018\/10\/18\/break-debt-cycle\/","title":{"rendered":"How To Break The Debt Cycle"},"content":{"rendered":"\n<p class=\"yoast-reading-time__wrapper\"><span class=\"yoast-reading-time__icon\"><\/span><span class=\"yoast-reading-time__descriptive-text\">Estimated reading time:  <\/span><span class=\"yoast-reading-time__reading-time\">12<\/span><span class=\"yoast-reading-time__time-unit\"> minutes<\/span><\/p>\n\n\n\n<p>Breaking the debt cycle takes more than just a budget; we all have a story to tell, which means your path and my path will always collide.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-time-to-stop-worrying-about-money-and-debt\">Time To Stop Worrying About Money And Debt<\/h2>\n\n\n\n<p>Yesterday, we made a trip to the Dollar Store to pick up some items for an educational project I&#8217;m working on for our son.<\/p>\n\n\n\n<p>Outside on a bench sat a homeless man in his 30s, scruffy-looking but alert.<\/p>\n\n\n\n<p>He looked up at my wife as we walked by and asked if she had any spare change.<\/p>\n\n\n\n<p>She did, and she smiled and, without passing judgment or any hesitation, handed him two toonies.<\/p>\n\n\n\n<p>He smiled, thanked her, and we went on our way.<\/p>\n\n\n\n<p>You obviously can&#8217;t do that for everyone, but it may make a difference if you&#8217;ve got some spare change.<\/p>\n\n\n\n<p>Just behind us was another lady who he only looked up at when she was walking in.<\/p>\n\n\n\n<p>She responded, &#8220;No, get a job, a$$hole, and stop being lazy,&#8221; Mrs. CBB&#8217;s head spun.<\/p>\n\n\n\n<p>She turned around, stared into the woman&#8217;s eyes, and walked away.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-being-a-better-person\">Being A Better Person<\/h2>\n\n\n\n<p>While we walked around the shop, she was thinking about him and decided to buy him a bag of chips and a pop bottle.<\/p>\n\n\n\n<p>When we went out, he thanked her again, which was a surprise, and then she handed the bag to him.<\/p>\n\n\n\n<p>He put his hand on his chest, looked up at her, and said, &#8220;For me?&#8221;.<\/p>\n\n\n\n<p>&#8220;Yes, this is for you. It&#8217;s not much, but I wanted to buy you something.&#8221;<\/p>\n\n\n\n<p>She patted him on the shoulder, told him to have a good day, and started to walk away.<\/p>\n\n\n\n<p>At this point, he dug into the bag with a big smile after saying thank you a million times.<\/p>\n\n\n\n<p>Later that evening, she wished she had brought him to the store to buy whatever he needed.<\/p>\n\n\n\n<p>What you think of doing after the fact is fantastic, but the same goes for anything.<\/p>\n\n\n\n<p>Sometimes, you have to live it to understand it, make mistakes, and then work on fixing them.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-failure-can-fuel-your-future\"><span style=\"color: #000000;\">Failure <\/span>Can <span style=\"color: #000000;\">Fuel Your Future<\/span><\/h2>\n\n\n\n<p>Often, we stumble before we can climb, which means hitting rock bottom before shooting to the top, although some people get stuck in spots for various reasons.<\/p>\n\n\n\n<p>Not everyone has the answers right away, and homeless people are now living the dream because they found their way.<\/p>\n\n\n\n<p>It can happen, but it always falls back on your motivation for success, and sometimes, being in the right place at the right time helps.<\/p>\n\n\n\n<p>The debt cycle works the same way because unless you live it, you need to know what you want to surpass your goals.<\/p>\n\n\n\n<p>For example, I don&#8217;t want to live on the streets. It&#8217;s terrible, so I will find a job and seek help.<\/p>\n\n\n\n<p>Or, I want a better job, so I will find ways to gain new experience, volunteer, or go back to school to learn.<\/p>\n\n\n\n<p>Lastly, I&#8217;m tired of being in debt, so I WILL find a way out of debt, budget my money, and find ways to earn more money.<\/p>\n\n\n\n<p>If you think that a budget will save you from debt, you&#8217;re wrong.<\/p>\n\n\n\n<p>A budget will help you to see your financial picture from the standpoint of how much you earn and how much you spend.&nbsp;<\/p>\n\n\n\n<p>However, if you don&#8217;t have enough money and have cut expenses to the bare minimum, you will continue living pay to pay.<\/p>\n\n\n\n<p>You either earn more money or spend less money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-consider-these-possible-scenarios\">Consider These Possible Scenarios <\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>What happens if something comes up and you have no money to pay for it? <\/strong><\/li>\n\n\n\n<li><strong>Your employer may terminate you, then what?<\/strong><\/li>\n\n\n\n<li><strong>You may get ill. What will you do?<\/strong><\/li>\n<\/ul>\n\n\n\n<p>A budget will help, but it can&#8217;t pay the bills without the income coming in.<\/p>\n\n\n\n<p>You must get ahead of that budget by miles because living on a tightrope won&#8217;t cut it.<\/p>\n\n\n\n<p>The fact is that you have to earn more than what you pay into your budget.<\/p>\n\n\n\n<p>This also includes paying yourself first, which we do using a <a href=\"https:\/\/canadianbudgetbinder.com\/2018\/11\/08\/how-to-make-a-zero-based-budget\/\"><strong>zero-based budget system<\/strong><\/a>.<\/p>\n\n\n\n<p>If you don&#8217;t pay yourself first through investments or savings, you need some form of this after your bills are paid.<\/p>\n\n\n\n<p>This is the only way to get ahead financially.<\/p>\n\n\n\n<p>Owning a home doesn&#8217;t mean you are getting ahead until you acknowledge that the house is debt-free.<\/p>\n\n\n\n<p>Why?<\/p>\n\n\n\n<p>Because until then, the bank owns it even if you have equity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-evils-of-consumer-debt\"><span style=\"color: #000000;\">Evils Of Consumer Debt <\/span><\/h2>\n\n\n\n<p>To take it or not is up to you.<\/p>\n\n\n\n<p>For most people, mortgage debt is the least of their worries; consumer debt breaks people in the first place.<\/p>\n\n\n\n<p>Credit cards and lines of credit used frivolously and paying the minimum balance is a crisis that needs to stop.<\/p>\n\n\n\n<p>Breaking the debt cycle once and for all means you will no longer be attached to the debt.<\/p>\n\n\n\n<p>You&#8217;ll decrease the stress of wondering where money will come from to pay the bills.<\/p>\n\n\n\n<p>Worrying about money will never go away whether you are debt-free or not.<\/p>\n\n\n\n<p>There&#8217;s always something you have to pay for, and even with or without a nest egg, you could end up flat-broke<\/p>\n\n\n\n<p>Rolling into your retirement years, you don&#8217;t know what things will cost you.<\/p>\n\n\n\n<p>Prices could be much higher or even lower than you previously paid.<\/p>\n\n\n\n<p>It&#8217;s such a landslide of emotions we go through during each stage of life.<\/p>\n\n\n\n<p>Also, you don&#8217;t know whether a financial catastrophe will strike. (Edit 2020, Covid-19 is a great example)<\/p>\n\n\n\n<p>Many parents still jump in to help their children even as adults when they fall on hard times.<\/p>\n\n\n\n<p>What happens is that they risk never seeing that money again, but they do it for the love of their children.<\/p>\n\n\n\n<p>That will never end unless there is no money to give.<\/p>\n\n\n\n<p>Breaking a debt cycle doesn&#8217;t just mean you&#8217;ve come from living on welfare, jobless parents, and mental health or illness concerns.<\/p>\n\n\n\n<p>That could be anyone.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wealth-doesn-t-mean-you-re-safe\">Wealth Doesn&#8217;t Mean You&#8217;re Safe<\/h2>\n\n\n\n<p>Having debt and lots of it does not discriminate, which means anyone and everyone has it or has had it.<\/p>\n\n\n\n<p>I don&#8217;t know anyone who has never worried about how they would pay the bills at some point.<\/p>\n\n\n\n<p>Admittedly, some people come from wealth or become wealthy from winning the lottery, investments, or hitting it big from business ventures.<\/p>\n\n\n\n<p>However, they are not safe from bankruptcy or the proverbial <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2018\/10\/18\/break-debt-cycle\/\">debt cycle<\/a><\/strong>.<\/p>\n\n\n\n<p>Whether rich or poor, the debt cycle can follow you for life like a hair on your chin that doesn&#8217;t want to come out.<\/p>\n\n\n\n<p>You can cut it; if you pull it out, it will most likely return. (for most people)<\/p>\n\n\n\n<p>Growing up poor is not fun, but many kids don&#8217;t know any different.<\/p>\n\n\n\n<p>What they do have are eyes and ears, and they understand when they are at a certain age the importance of money.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-growing-up-in-a-broke-family\"><span style=\"color: #000000;\">Growing Up In A Broke Family<\/span><\/h2>\n\n\n\n<p>The debt cycle in my wife&#8217;s family was pretty constant for her growing up, although they never needed social assistance of any kind.<\/p>\n\n\n\n<p>If there were savings, it would get eaten up by the next bill, and this lifestyle continued for years and years.<\/p>\n\n\n\n<p>There wasn&#8217;t a time she could remember when her parents were happy financially because there was always something to pay for.<\/p>\n\n\n\n<p>I guess that&#8217;s like most families, as life doesn&#8217;t come easy, but emergency savings are critical.<\/p>\n\n\n\n<p>Even when her grandmother passed away, and her father inherited $100,000, that money all went to debt to pay off mortgages on properties sinking faster than he could take care of them.<\/p>\n\n\n\n<p>This is a classic case of getting in over your head when it comes to owning a business and mortgages when you don&#8217;t have the capital to back you up if something were to go wrong.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-suffers-through-a-debt-cycle\">Who Suffers Through A Debt Cycle?<\/h2>\n\n\n\n<p>The family suffered dearly, and this debt cycle brought on many family issues that forced the kids to get a job early and work for everything they needed.<\/p>\n\n\n\n<p>There was no money to give the kids unless it was a dire emergency, so away they went to work delivering newspapers, and then fast food restaurant shifts nightly after school.<\/p>\n\n\n\n<p>Schoolwork, lack of sleep, no social life, and mental health all suffered because this debt cycle put a strain on the family that no one will EVER understand unless they&#8217;ve been there.<\/p>\n\n\n\n<p>She was jealous of the kids who grew up on a particular side of town and had two parents who worked in a lovely house and went on vacations.<\/p>\n\n\n\n<p>Their clothes were always fresh-looking and pressed, and haircuts often showed new styles and fashion accessories.<\/p>\n\n\n\n<p>Owning a bike was a luxury, as was a car when she was in high school, but she had neither, even though she worked full-time from the age of 15 years old.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-where-did-the-money-go\">Where Did The Money Go?<\/h3>\n\n\n\n<p>She spent it on whatever she wanted, not understanding the premise behind savings.<\/p>\n\n\n\n<p>It wasn&#8217;t until 19 that she understood the debt cycle when she moved away for school.<\/p>\n\n\n\n<p>She had to pay rent for the first time and other <a href=\"https:\/\/canadianbudgetbinder.com\/2018\/08\/09\/pay-bills-first-stay-debt-free\/\"><strong>bills that come with renting an apartment<\/strong><\/a>.<\/p>\n\n\n\n<p>After she moved back home, she worked day and night, sometimes three jobs, because she wanted to pay off her OSAP and have money in the bank.&nbsp;<\/p>\n\n\n\n<p>Understandably, her main goal was to have money in the bank.<\/p>\n\n\n\n<p>That was a success for her, breaking the debt cycle in her mind.<\/p>\n\n\n\n<p>If her parents couldn&#8217;t do it, she would and wouldn&#8217;t waste time doing so.<\/p>\n\n\n\n<p>Boy, did she ever.<\/p>\n\n\n\n<p>She not only went on to pay for her <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2013\/03\/13\/how-i-paid-off-my-osap-loan-fast\/\" rel=\"noopener\">OSAP<\/a><\/strong> over nine years, but she saved for a down payment for her first house before the age of 30.<\/p>\n\n\n\n<p>Not many people can say the same without help from family or inheritance.<\/p>\n\n\n\n<p>With the down payment, she could walk into a mortgage with zero debt apart from her vehicle loan.<\/p>\n\n\n\n<p>Even then, her situation could have turned critical if something happened with her job, which is why she was a saver and hard-core.<\/p>\n\n\n\n<p>This is another excellent reason to buy critical life insurance and always have life insurance, whether single or married.<\/p>\n\n\n\n<p>I did the same, but from an even younger age, at 21, <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2013\/07\/29\/buying-my-first-property-was-i-too-young\/\">buying my first home<\/a><\/strong>, I grew up far different.<\/p>\n\n\n\n<p>The main difference was that my parents taught me about money but from a different perspective.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-everyone-has-a-story\">Everyone Has A <span style=\"color: #000000;\">STORY<\/span><\/h2>\n\n\n\n<p>This is why we can&#8217;t judge people based on where they are in life because living in an apartment is a success for some people.<\/p>\n\n\n\n<p>You don&#8217;t know how long they had to learn to live in a tent, on a park bench, in a motel, in a shelter, or a vehicle.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tent-city-is-debt-row\">Tent City Is Debt Row<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.theglobeandmail.com\/canada\/toronto\/video-oshawas-tent-cities-a-symbol-of-the-citys-struggle-with-poverty\/\" rel=\"noopener\"><strong>A tent city<\/strong><\/a> is actually in Canada, representing poverty on levels we&#8217;ve never seen before.<\/p>\n\n\n\n<p>It&#8217;s not just people with substance abuse who live in these tents; families and individuals who are left on the streets for many reasons.<\/p>\n\n\n\n<p>Sadly, you can&#8217;t help those who don&#8217;t want it. Some do, some don&#8217;t know how to ask for it, and others are too depressed to ask.<\/p>\n\n\n\n<p>This world is either changing, or I&#8217;m getting older and understanding more about what we don&#8217;t see as kids because it&#8217;s not necessarily on our radar, depending on how or where we grew up.<\/p>\n\n\n\n<p>Some kids live it and live it from the time they are born until the time they can break free and create their path in life.<\/p>\n\n\n\n<p>Others get caught up in the debt cycle and continue as a revolving door.<\/p>\n\n\n\n<p>Debt and job loss can crumble people to the ground mentally, physically, and financially.<\/p>\n\n\n\n<p>Often, it takes time to get back on their feet even when kids are involved, although plenty of resources are available.<\/p>\n\n\n\n<p>Sometimes, the system fails people in need.<\/p>\n\n\n\n<p>Calling someone an a$$hole is not the motivation or way to treat anyone, no matter their story.<\/p>\n\n\n\n<p>If you genuinely want to break the debt cycle and have had enough living pay to pay and want out, there are a few things you can do to get started.<\/p>\n\n\n\n<p>As mentioned, a budget alone won&#8217;t save you from the debt pit but will offer clear indications of where to improve your finances.<\/p>\n\n\n\n<p>So, let&#8217;s go over a few things you can do right now to work on breaking your debt cycle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bank-financial-advisor\"><span style=\"color: #000000;\">Bank\/Financial Advisor<\/span><\/h2>\n\n\n\n<p>If you have a bank account, you can make an appointment to talk to a financial advisor with your bank unless you already have one.<\/p>\n\n\n\n<p>Talk to them about your situation and see what professional advice they offer you.<\/p>\n\n\n\n<p>Instead of breaking the debt cycle alone or reading blog posts like this, talk to someone who can guide your situation face-to-face.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-budgeting\"><span style=\"color: #000000;\">Budgeting<\/span><\/h2>\n\n\n\n<p>Budgeting is number one.<\/p>\n\n\n\n<p>If you don&#8217;t have a budget, get one, and it just so happens that I <strong><a href=\"https:\/\/canadianbudgetbinder.com\/free-tools\/\" rel=\"noopener\">offer one for free<\/a> <\/strong>here at Canadian Budget Binder that you can use.<\/p>\n\n\n\n<p>Go ahead and download it or print the simple budget, whichever works for you.<\/p>\n\n\n\n<p>However, if you have another budget in mind, grab that now.<\/p>\n\n\n\n<p><a href=\"https:\/\/canadianbudgetbinder.com\/2018\/06\/30\/beginner-budgeting-ultimate-guide\/\" rel=\"noopener\"><strong>A to Z: all you need to know about Budgeting <\/strong><\/a><\/p>\n\n\n\n<p>Budgeting means you need to get back to basics, which means eating at home and saving as much money as you can, where you can.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cut-up-unused-credit-cards\"><span style=\"color: #000000;\">Cut Up Unused Credit Cards<\/span><\/h2>\n\n\n\n<p>You no longer should be using your credit cards because you will never beat the debt cycle with them as long as you pay <strong>minimum payments<\/strong>.<\/p>\n\n\n\n<p>Please get rid of them and focus on paying off what you owe.<\/p>\n\n\n\n<p>Some people may not agree with cutting them up, but in my eyes, if you don&#8217;t use them, then you don&#8217;t need them.<\/p>\n\n\n\n<p>Will it hurt your <strong><a href=\"https:\/\/canadianbudgetbinder.com\/2019\/01\/17\/improve-credit-rating-canada\/\">credit score<\/a><\/strong>? Well, I&#8217;ve done it, and nothing has happened to mine.<\/p>\n\n\n\n<p>If you&#8217;re worried about it, call your credit card company and ask them to see what they have to say.<\/p>\n\n\n\n<p>Remember, they don&#8217;t want to lose you, so you may get fed some ridiculous reason why you should keep it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-motivation-is-essential\"><span style=\"color: #000000;\">Motivation Is Essential<\/span><\/h2>\n\n\n\n<p>Remember where you were and where you want to be.<\/p>\n\n\n\n<p>Remind yourself DAILY. Keeping your mind fit and your body is significant, whether through meditation, education, or walking daily for a cleanse.<\/p>\n\n\n\n<p>This is when you push yourself to improve your work because you want that success. <\/p>\n\n\n\n<p>Often, the most successful people in life talk to themselves a lot.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ways-to-motivate-yourself\">Ways To Motivate Yourself<\/h2>\n\n\n\n<p>Find things that will inspire you to continue, whether it be like-minded friends or safe spots where you can chill out and learn, such as the library instead of going shopping.<\/p>\n\n\n\n<p>Offering yourself small rewards when you reach short-term and long-term goals also helps like a child who gets excited about getting a stamp after completing a task.<\/p>\n\n\n\n<p>Even adults thrive on stickers, stamps, OK chocolate, and road trips. (that&#8217;s me)<\/p>\n\n\n\n<p>Breaking a debt cycle is complex and requires much effort, but it&#8217;s possible.&nbsp;<\/p>\n\n\n\n<p>Remember that moment when you finally feel you&#8217;ve got control of your life, even if it isn&#8217;t the life you&#8217;ve dreamed of? It&#8217;s a step in the right direction.&nbsp;<\/p>\n\n\n\n<p>That feel-good outlook and approving smile are more than you will ever need as long as you can conquer the debt cycle once and for all.<\/p>\n\n\n\n<p>If you fall, get back up the next day and start over. Please don&#8217;t make it a habit because habits often get us into trouble in the first place.<\/p>\n\n\n\n<p><strong>Discussion:<\/strong><\/p>\n\n\n\n<p>What other things have you done to break the debt cycle?<\/p>\n\n\n\n<p>Did you see or feel debt growing up?<\/p>\n\n\n\n<ul class=\"wp-block-yoast-seo-related-links\"><li><a href=\"https:\/\/canadianbudgetbinder.com\/2016\/12\/27\/grocery-savings-2017\/\">15 Main Sources For Grocery Savings 2017 You Should Know About<\/a>: The Grocery Game Challenge 2016 #4 Dec 26-Jan 1<\/li><li>The costs of fertility treatments to create a miracle<\/li><li>A Payday loan cost me double the time<\/li><li>Prices<a href=\"https:\/\/canadianbudgetbinder.com\/2013\/11\/07\/the-cost-of-the-big-o-ovulation-tests-that-is\/\"> Of Ovulation Tests In Canada<\/a><\/li><li><a href=\"https:\/\/canadianbudgetbinder.com\/2012\/05\/26\/just-married-were-newlyweds-and-need-a-budget\/\">Just Married! We&#8217;re Newlyweds And Need A Budget<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>How To Break The Debt Cycle<\/p>\n","protected":false},"author":2,"featured_media":145632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"disable-jtr":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[571],"tags":[11480,1109,5,26,11481,818,2782,3294,1556,413,11482,11483,415],"class_list":{"0":"post-34585","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-debt-canadian-budget-binder-budgeting-series","8":"tag-addicts","9":"tag-budgeting","10":"tag-canada","11":"tag-debt","12":"tag-debt-cycle","13":"tag-debt-free","14":"tag-drugs","15":"tag-homelessness","16":"tag-mental-health","17":"tag-social-assistance","18":"tag-tent-city","19":"tag-too-much-debt","20":"tag-welfare"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - 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