It sneaks up on you. You’re at the grocery store, and that organic meat is a little out of your price range, but you throw it in the cart anyway. You deserve a good meal. Later, you’re scrolling online and a jacket catches your eye. You don’t need it, but it’s on sale, and you’ve had a long week — why not?
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Each decision feels small — even justified. But by the time your credit card bill lands in your inbox, reality hits: You’ve overspent again. The balance is higher than you expected, and, once again, it doesn’t look like you’ll be able to pay it in full.
According to Liz Claman, anchor of “The Claman Countdown” on FOX Business Network and award-winning journalist, the root cause is usually the same: spending beyond your means — even just a little — over and over again.
We caught up with Claman as part of GOBankingRates’ Top 100 Money Experts series to learn why curbing this habit doesn’t require shame, spreadsheets, or even giving up everything you enjoy. It starts with one mindset shift.
You’re Living Beyond Your Means
Understanding how you waded into the financial quicksand of credit card debt is one of the best ways to climb out of it — and, importantly, to avoid falling back in. The first misstep was spending more than you earn.
“Never spend more than what you take in every month. In fact, live beneath your means,” said Claman. “People get caught up in spending on things they really don’t need: the $9 smoothie, the daily $6 cappuccino, the fast-fashion trendy outfit that dissolves after three washings.”
Those coffees and smoothies and trendy outfits (oh my!) add up quickly. By the end of the month, not only do you not have enough to pay off your credit card, but now you’re being charged interest on the entire balance, not just what’s left unpaid. For Claman, interest payments are the ultimate waste of money.
“I taught myself early to despise debt and paying interest,” she said. “Paying interest to me is such a waste.”
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You’re Lacking a System — and It’s Hurting You
It’s easy to feel utterly overwhelmed by massive credit card debt, and even easier to feel shame over it. But staying in that spiral won’t get you out of debt. Getting out of debt requires discipline, self-awareness and a willingness to learn.
“There are legions of books on how to pay down debt,” said Claman. “Educate yourself. People just like you have conquered debt with discipline.”
In addition to books, Claman points to podcasts and financial creators on platforms like Instagram and TikTok who share insights about how to get out of debt, often with a dash of humor and common sense. Find someone whose style clicks with you and whose methods you’ll actually follow.
Claman personally recommends Dave Ramsey, who “knows what it’s like to be enmeshed in debt and has devoted his career to teaching others how to get out of it.”
To make the process less daunting, Claman suggests turning your debt payoff into a challenge. Set milestones and reward yourself — with something free or budget-friendly and paid in cash — only when you hit those goals.
“It’s way more gratifying to say no to spending than it is to get the short-lived jolt from indulging when you shouldn’t,” she said.
You could also try themed challenges: a no-spend month, or a subscription cleanse where you cancel services you’re not using. The trick is to get yourself to start living within your means — or better yet, beneath them — and using whatever you can to chip away at your debt.
You’re Not Asking for Help — and It’s Costing You
There’s only so much you can do alone. If your credit card debt feels unmanageable, it may be time to ask for extra help. That could mean working with a financial advisor or looking into debt consolidation programs. There’s no shame in asking for help.
“Consolidating debt works for a lot of people. And now there are so many platforms that help you figure out how to save yourself,” said Claman.
On her show, Claman has covered SoFi, an accredited bank whose user-friendly platform has helped customers pay off more than $25 billion in high-interest debt. She’s impressed with both the interface and the company’s track record.
If you do go the debt consolidation route, Claman has one caveat: “Do your homework and make sure you can get a human on the phone if you need guidance.”
And most importantly, just know you’re not alone.
“Many have been where you are and managed to climb out of the depths,” she said. “In the end though, as my father always said, it’s easier to stay out of trouble than it is to get out of trouble,” she said. “Teach yourself — and your kids — early to live within your means.”
Bottom Line
Spending, like any habit, has consequences. When you spend beyond your means, debt is almost always the result. But as Claman reminds us, you don’t need perfection to get out — just some discipline, and a willingness to learn, and the courage to ask for help when you need it.
This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Have a question of your own? Share it on our hub — and you’ll be entered for a chance to win $500.
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This article originally appeared on GOBankingRates.com: The One Dangerous Habit Keeping You in Credit Card Debt, According to Liz Claman
