Being in debt stinks but there are many lessons to learn from being in.  Whether you’re on the brink of being in trouble with your finances or you’re just curious on lessons that people have learned, I’ve put a list of lessons learned from people around the globe that have experienced debt first hand.

Debt isn’t a joking matter and it’s a serious issue here in the United States.  Thousands of people daily are thinking about how they are going to pay off their next credit card bill or home mortgage payment.   If you’re on the verge of being in some serious debt, here are some lessons that people have learned and hopefully it makes you think twice about getting deeper in the hole.

LEARN to buy what you can afford

One of the main reason people are in debt today are because they are purchasing things they can’t afford.  These people are people I like to call fifty thousand-aires.  Why do I call them this?  Well, they make a $50,000 annual salary but spend like they have a million dollars.  If you make $35,000 a year, don’t spend $70,000!  Instead, start spending what you can afford and always remember to set some money aside for a rainy day and retirement.

Credit cards are for responsible people

If you’re spending more than what you can afford with a credit card today, cut it up and use your debit card.  If you can’t pay your bills off in full, you’re already falling into the disaster zone.  Credit cards are for those that can pay their bills off in full on time ALL the time.

Use a debit card

This one ties in with what I mentioned above.  If you can’t control your spending with a credit card, you’re going to have to start using a debit card.  Debit cards are tied with your checking account and every time you use one, it will take the money directly out of your checking account.

You need to save money

If you’re not saving money right now, why aren’t you saving?  Do you want to retire one day or are you relying on the government?  What happens if social security isn’t there?  You always have to plan for the worst and remember, even with social security, you’re not going to live a great life.

You have to be cheap

This one goes with what I mentioned above when you can’t live above your means.  You have to make sure that you always use coupons and you find ways to save.  Try and make it a habit to buy things on sale and not full price.  If you can accomplish this, you’ll be on the right path.

Being in debt isn’t fun but there are so many things you can learn just from being in it.  Getting out of debt isn’t hard if you try.  Take action today and fight your debt so that you can save for a healthy tomorrow.