Precept Financial Solutions Offers First-of-a-Kind Report to Help Stop Overspending and Excessive Credit Card Debt

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Families struggling with credit card debt get increasing media attention. Oprah's Debt Diet, Dr. Phil, Tyra Banks, and more, provide financial management knowledge, tools and proper modeling. Precept Financial Solutions joins the effort and presents a first-of-a-kind report discussing the state of credit card debt in America over the past 25 years, according to the Federal Reserve, and a relatively unknown yet critical root cause of excessive credit card debt: "the Psychology of Status."

Oprah's Debt Diet, Dr. Phil, Tyra Banks, in-production movie “$30,000 Millionaires,” and A&E reality show "Big Spender" are stepping in to provide much-needed tools and knowledge to families facing ever-increasing credit card debt. Precept Financial Solutions, a debt assistance company, has come out with a report addressing a relatively unknown yet critical root cause.

With a greater understanding of the ‘Keeping-Up with the Jones’s aspect of human nature, consumers assess their needs more accurately, and save. See .

“This media emphasis on learning to better manage personal finances is being supported by the credit industry,” says Robert Ward, Managing Director of Precept Financial.

“Understanding why people spend excessively is a top priority for our company because alleviating symptoms works best when causes are clearly understood from the onset,” says Ward. “Being mindful of root causes, along with using conventional budgeting tools, speeds up the adoption of new spending habits.”

According to Ward, the need to keep-up with the Jones’s, also known as ‘the Psychology of Status,’ will become a topic of growing interest because of the further restraining effect that the knowledge and understanding bring.

"This is an exciting media trend because the foundation of how to manage income and debt are not school subjects. It is great to see people wanting to learn how to get out of debt, and to stay debt free as well," Ward says.

At the heart of the media coverage is the question: Why? In addition to debt-management information, learning about the psychology to keep-up with the Jones’s keeps consumers in check. For information on what drives consumer urges to spend excessively, Precept Financial’s newly released report Why the Financially Comfortable Have Too Much Debt, can be found at Precept Financial Articles.

Precept Financial is a leading debt assistance company dedicated to helping consumers and businesses with financial hardship in resolving unsecured debt. Precept Financial works with creditors and collections agencies on the client’s behalf, to help find mutually agreeable solutions. By providing an effective alternative to financial hardship, Precept Financial provides a service for both debtors and creditors. Notable memberships include: The Association of Settlement Companies, Greater Dallas Chamber of Commerce, American Bankers Association, and the International Association of Professional Debt Arbitrators. Contact 1-800-866-4447 or visit .


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Jeannie Lewis
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