The problems I’ve had with debt


Particularly in the Western world, we do tend to focus a great deal of time and energy into money, from the amount we earn to how we spend it. Having enough money is important as it allows us to enjoy our lives, save and plan for the future of our families. Many people see a lack of money as something that holds us back in life and restricts the amount of options we have. As the saying goes, ‘money makes the world go round’.

If you have ever suffered with debt as a result of poor money management, you will understand how important financial security is. Obsessing over money is futile, but understanding the damaging effects it can have and taking better care with your finances is vital. Carrying a high level of debt with you for a long period of time can come with significant problems which we should all seek to avoid.

Emotional problems

One of the biggest problems with debt is the fact that it can negatively impact on your emotional and mental health. Debt can sit heavily on your shoulder and plague your everyday activities, making you feel vulnerable and anxious. I found that my debts made me feel emotionally weary and this cycle of stress can have long lasting damage on your health and even relationships.

Secured/ Unsecured

I have dealt with a lot debt types in my life and want to educate people about which money solutions are best for you. Bank loans are ideal for borrowing large sums of money but you should be aware that this kind of debt is often secured on something your own. This differs to something like a short term loan which is not secured and quick to come by. While the interest rate may be higher with a short terms loan than a bank loan, it is important to remember that it reduces the chance of you having to deal with awful situations such as repossessions etc.

Debt piles up

The problem with debts is that they tend to snowball if not properly controlled and monitored. While you may initially take out one sum of money you could very easily end up doing what I did and taking out loans to help payback the original loan etc. Having one loan is far better than spreading yourself thin and having multiple loans to payback as remember this also means more interest too.

Don’t keep it to yourself

You will be surprised how many people have debts because so few of us talk about them! I remember I used to avoid any talk of money and debt with even my closest family members and this is certainly not the right way to go about things. Talking about your problems will help to share the burden of reducing stress. If you don’t feel like you can talk to your family then you absolutely must seek advice from a professional. There are so many debt advice services out there to use to help you deal with your debts.


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