In this post I look at five examples of how debt can have an effect on you. Debt is something that some of us end up in, and it can be a very difficult time.
Some people don’t let their debt directly affect them, myself included. My next post will talk about how I don’t allow my debt get to me any more.
However to get back on track, for now let’s look at how debt can affect you.
Debt and your Health
Debt can cause stress. Stress in turn leads to you possibly not eating properly or struggling to sleep at night because you are worrying about your debt.
This can lead to other complications such as high blood pressure which could then lead on to further complications. In other words debt can be very bad for your health.
It is very important that you seek help as soon as possible if you haven’t done so already. Please see the bottom of this post to find out where you can get some help with your debt.
Debt and Relationships
Unfortunately money and debt contributes to many arguments in relationships. Even more so when you are in debt. It can also affect you in other ways such as being unable to take your family on holiday or being unable to look after yourself.
If you are looking for an outlet for your stress, you may end up taking it out on those who are closest to you. Debt can put a strain on a relationship and can be the catalyst for many arguments.
When I confessed all to my partner about my debt, she naturally was very angry and the next 12 months of our relationship was very difficult.
In the end, I pulled myself together and started to take control of the debts I had built up. This turning point was important because it saved the relationship I have and relieved the arguments and stresses associated with debt.
Debt and your Job
If you are constantly worrying about debt when you are at work, then you will not be performing at your best. This could affect your future prospects or perhaps mean you get a lower appraisal score. Where I currently work this also affects how much bonus you receive.
I nearly lost my job due to the debt I was in because everything was getting on top of me and I was constantly worrying about what I was going to do. That on top of the relationship problems I discussed earlier meant that my performance was severely degraded.
Debt and your Credit Rating
If you are in debt then there is a good chance that you will have late payment markers or possibly even defaults registered on your credit report.
This will be no good if for instance, you are looking to get a mortgage in the future. It can be sorted though but it is a blessing in disguise in some ways because it should make obtaining further credit very difficult for some time.
Enjoying your Life
When you are in debt you may find you do not have enough money to do things you might have if you were not in debt. For example you might have wanted to travel the world or just redecorate your house. When in debt you could find that most if not all your spare cash is going towards paying back what you owe.
It can sometimes be a bit depressing to see all your money coming in, then immediately leaving your bank account to pay pack the debts you owe.
OK so where next with your Debt?
If you find that you are being affected by your debts and would like to get some help then you can. Visit the Debt Help page on this blog to see a list of organisations who can help you.
I hope you can start to relieve some of the pressures your debt is causing you. Please feel free to come back and read about how I am getting on with my own debt. Alternatively please leave a comment with your own stories if you like.
