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New Jersey bankruptcy: Daily decisions that don't pay off debt

Many people in New Jersey have a bad habit when it comes to managing money. If everyone was doing everything right, there would be no need for credit counseling or bankruptcy courts. Even though consumers are doing the best they can with what they have, it's those bad habits that may end up keeping consumers in debt despite their best efforts.

Many people have made an impulse purchase at one time or another without it adversely affecting the budget. However, when those impulse purchases are a habit, it can end up sabotaging an otherwise working budget. These purchases may also end up resulting in buying something already owned. This could be anything from clothes to coffee.

Other people's bad habits revolve around keeping good records. Some people may be good at drafting a budget, but sticking to it is another thing entirely. Keeping track of spending on a day-to-day basis could help when trying to stick to a budget, but many consumers have a bad habit of not keeping track of their spending. This can end up rendering a budget useless.

Even when bad habits are eliminated, there are times when a person's financial situation is just too much to overcome. Circumstances beyond the consumer's control make it difficult, if not impossible, to get out of debt. It is during those times when things such as credit counseling and bankruptcy can be the most useful. Being able to see that there is a light at the end of the tunnel may be just what struggling consumers in New Jersey need.

Source: MSN Money, "10 daily bad habits that keep you in debt," June 11, 2013

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