For some, the financial obligations of a credit-fueled December can bring forth a very sober reality of the year ahead. For a few, it is unfortunately the continuation of a downward spiral.
Credit comes in many forms but was introduced primarily as a way to purchase something today and pay for it later. It still is but its' wide acceptance and myriad of choices, perks and benefits mean that both rich and poor utilize credit often for very different reasons.
Used properly it is a good thing allowing the potential to obtain assets that can appreciate like real estate, securities and as a way to expand a business. Those that buy on whims and don't heed responsible use become enslaved as payers of debt.
It's not just a Millennials thing. As your credit score improves (likely with age, earnings and assets) the higher your potential to borrow well beyond your means. The country's highest bankruptcy rates are for those 59 plus.
In this homogeneous society we have come to expect that we are entitled to the same things as our neighbours regardless of our incomes. Keeping up with Joneses is poor strategy for accumulating wealth.
Suffice to say that if you are in a hole and it's getting deeper stop digging. Talk to those that you owe. Seek their counsel. You will come to find you are not alone. They've helped others and maintain professionalism and ensure confidentiality.
Don't panic but do act. Seek, Ask and Learn with an aim to improve in 2017.
I've met many a rich person that faced much worse. None got where they are today without good money habits.