Debt Bringing You Down?
Debt Bringing You Down?It’s no secret that debt is a burden for many. Even a small, manageable amount of debt can become problematic if a drastic change occurs in your life. You can fall behind on a once-affordable mortgage or car loan with the loss of a job or unexpected medical bill.
But imagine if your debt is overwhelming even without a life change. A massive amount of debt, even with a decent income can hurt you in the long run. Even if nothing unexpected happens, struggling to make ends meet from month to month can keep you from achieving your dreams.
Debt is not only a financial burden, but it also causes a strain on your emotional and physical health. If debt is eating up more than a quarter of your earnings, it’s holding our back.
What are Some of the Ways Debt is Bringing You Down?
1. Reducing Your Quality of Life
Many people with massive debt don’t even realize it’s affecting their quality of life. If you had less debt you’d have more money and you’d be able to do more of the things you enjoy doing without concern for money. You’d also spend less time thinking about debt. Whether you’re stressed about paying your bills or you wish you could spend freely, debt interferes with your quality of life.
2. Pushing Retirement Off
Too many people don’t think about saving for retirement until long after they should’ve begun saving. Unfortunately, they end up regretting this. The earlier and more you save for retirement the sooner you can retire and enjoy a life you love full-time. But if you are struggling with debt and most of the money you could save is going toward keeping up with monthly payments, it will be a long time before you can begin making retirement plans.
3. Hurting Your Credit Score
Some debt is good when it comes to your credit. But there’s a “sweet spot.” Surpass it with too much debt and you’ll see your credit score drop. Fail to meet your debt obligations because you have too much debt and your score will plummet. This means you’ll have a difficult time getting approved for loans.
4. Forcing You to Continue Working in a Job You Can’t Stand
Have you dreamed of escaping your grueling 9 to 5 job for something more rewarding? Do you wish you could pursue your dream career or launch a business?
Too much debt is going to keep you from doing these things.
Too many people are forced to stay in jobs they hate because they need their next paycheck to meet their debt obligations. They’re working work to pay their bills and nothing else because debt is holding them back.
5. Damaging Your Health
It might surprise you to learn that debt could be affecting your health.
Unpaid bills and calls from creditors are some of the most common reasons people experience stress and anxiety. This chronic financial stress accumulates and for many, takes a toll on their physical and mental health.
If you want to feel better and potentially extend your life and be healthier living it, it’s time to deal with debt.
6. Holding Your Back from Your Dreams
Do you have big dreams? Do you want to see the world, own a home, or start a family? Would you love to go back to school and pursue a new career?
Too much debt can make these dreams an impossibility.
If you’ve never able to get ahead financially and you juggle balances from one card to another, you aren’t alone. Some people spend years meeting their minimum payment obligations without ever getting ahead. They wake up one day and realize they’ve done nothing to make a significant dent in their overall debt burden.
The good news is you don’t need to live this way anymore with debt bringing you down. You can take action today that will create a brighter financial path.
If you are tired of dealing with debt and looking for a long-lasting solution, we can help. If you need guidance or have questions about finally taking control of your debt, contact R. Flay Cabiness, II, P.C. at (912) 554-3774 (Brunswick, GA); (912) 375-5620 (Hazlehurst, GA) or; (912)-554-3756 (Jesup, GA) to schedule a consultation.
