Debt affects your life is a common enough occurrence in the UK but it need not always be the case. Debt is debilitating. Ask anyone in debt and they will concur.
So many students emerge from college in debt and carry this burden for many years. Debt doesn’t only cause financial hardship.
Debt affects your life in a multitude of ways
Debt affects your life with stress, anxiety, sleepless disorders and impacts on your health and well being. It is that noose around your neck. Especially over time financial stress and strain causes High Blood Pressure, headaches, irritability and even increase in suicidal thoughts. Debt is a most serious subject with real health implications, irrespective of age.
So it is wise to manage your debt and pay it off as quickly as possible, because with debt you are not only paying off the capital but in many cases in the interest factor as well. In some too, the interest factor is compounded, so it is debt plus interest plus more interest. The build up is enormously tiring and it constricts your life going forward, it reduces the range of opportunities too.
Best of approach at first glance is to minimise the debt with onerous credit cards. A well known motto is if you don’t have the funds, don’t incur debt with for example unnecessary items, be it designer clothes, famous brands and maybe that food-on-the-move. Forgo the takeouts, daily coffees and make sandwiches while at college or at work.
We wanted to pay our debts, but we never imagined that it would be so difficult! If we decided not to pay, there would be large penalties, and if we deferred the loan, the interest would continue to build anyway! It seemed like a no-win situation.
Debt affects your life with consequences so learn fast to take measures
Basically, when there is stress in your life, you can count on your life getting worse. Since debt and financial matters are often a cause of stress, do your best to alleviate yourself from its grasp!
Debt has impacts in other ways. It can drain our passion and energy on life and with a debt seeming life-sentence we can begin to question our ability to succeed.
Shopping in our consumer crazy age is a quick fix but using the credit card is costly, for your budget aspirations and saving, and for your health. Questions arise such as will you ever make it out of debt, others appear to be rich, but you are still broke and how will I make it with increased life spans projected at another 10 or 20 years.
Debt affects your life – a lifelong new attitude
Please do not have the attitude of that you will never win this debt self perpetuating cycle! If you find yourself with such negative thinking, please STOP! The mind is incredibly powerful so use it positively and constructively. You will not be broke forever if you make up your mind to change your circumstances.
If you decide that you can kick debt in the bum, then you will do so! Do not give up, but be resolute. If you’d like some help getting started, take approved or recommended debt counselling and implement the agreed steps to move from debt to credit fast!
Debt affects your life and robs you of your freedom
Whilst this may seem dire, the loss of freedom is dire too. Debt impacts on your judgement and weighs heavy on your choices, be it education, travel or owning your own home.
Debt really limits! Imagine the feeling of freedom you would have if you didn’t owe a penny to anyone! It would be wonderful. There’s suddenly extra cash at the end of the month, and saving was a luxury. However please do save to counteract those unplanned rainy days and the attached stress, so you can have the best possible life, debt-free!