Our Turbo blog recently published an article highlighting the top reasons why people are in debt along with suggested fixes and next steps. The five categories include: Not using a budget or trying to track spending Lacking an emergency fund Borrowing money for college Using credit cards as a clutch Incoming is lower than expenses Can you relate and have you gone into debt for any of these reasons? If so, where are you on your debt journey? People go into debt everyday for a number of different reasons and whether you’re looking for advice or you’ve been through it yourself, we would love to hear from you.

TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

MariP

Employee

Question

Featured Discussion: Common Reasons You May Be in Debt

Forum|Forum|7 years ago
September 6, 2018
59 replies
0 views

Our Turbo blog recently published an article highlighting the top reasons why people are in debt along with suggested fixes and next steps.

The five categories include:

Not using a budget or trying to track spending
Lacking an emergency fund
Borrowing money for college
Using credit cards as a clutch
Incoming is lower than expenses

Can you relate and have you gone into debt for any of these reasons?

If so, where are you on your debt journey?

People go into debt everyday for a number of different reasons and whether you’re looking for advice or you’ve been through it yourself, we would love to hear from you.

Other

Show previous replies

Moshe Strugano

Well many professional, writers, bloggers discuss about it. Lots of tips and tricks are pointed out all over the place, however, its important to know the right way to get out of debt and live a happy life.

Gone81

I did not receive my tax return

Grateful55

We have a debt based system so we will never be outa debt in this country or in our homes

CoachKristine

I was in debt. Now I'm not. Was it easy to get out of debt? No. Was it worth it? Absolutely! Hard work, perseverance and being intentional with your choices and money is how it happens. We paid off our mortgage in October 2018. Check it out [link removed].

If you're reading this, you can do it too. Shameless self promotion here, but [link removed].

Loribollinger67

I am an emotional spontaneous spender! I am overly generous with my family and friends. I also love to gamble! So staying away from the slot machines and not impulse buying is helping .

FinancialCoachKristine

@Loribollinger67 Good for you for recognizing the temptations that cause you to spend money needlessly and "acting as if you are rich."

I would encourage you to think about the 'why' behind your emotional spending if you have not already done so.

Best wishes!

Eabrill

Reson#5 is true of everyone who goes into debt.

atoatelier

awesome

chuntsubaki

nice

shehriar1

"Explore our latest Turbo blog post where we uncover the top reasons individuals fall into debt, providing actionable solutions and next steps to help you regain financial stability."