Consumer Culture: In our media culture, consumers are bombarded daily to buy, buy, buy. “Buying this product will make everything better, faster, prettier, sexier, smarter, richer, stylish, ...”

Changing technology: Technology in our world is changing so quickly, and some folks feel the need to have the latest as soon as it is available. Computer technology alone will become out dated in just over a years time. Of course, new technology is always more expensive until it becomes main stream. (Consider microwaves. High priced and very large when first available to the public, and now can be purchase for under $50 and may throw an entire household into chaos if broken or unavailable — an entire generation unaware of how to heat left-overs, hot chocolate, or make popcorn without a microwave.)

Easy access to money: With the availability of debit cards, ATM cards, and the internet, consumers have 24 hour access to the funds in their accounts and the ability to spend it.

Easy access to credit: Pre-approved, 6 months same as cash, 4 easy payments, need we say more?

Financial illiteracy: Some consumers simply do not know enough about credit, interest rates,introductory offers, finance charges, and so on to make thoughtful, informed credit decisions.

Spend too much: As we’ve previously discussed, there are numerous vulnerabilities that can encourage over spending. The use of plastic rather than checks or cash can also contribute to this problem. When using plastic consumers tend to underestimate the amount spent and over estimate their ability to repay the debt.

Financial Setbacks: Life’s emergencies that savings used to take care of. Since so many of us no longer save and set aside money for the “rainy days”, unexpected medical bills, death, loss of income, or catastrophic events can cause consumers to increase their debt load.