How Debt Can Seriously Affect Your Life

Don’t be lured in by the credit card trap (image)

Warning! Debt can seriously affect your life! You probably don’t need us to tell you that, especially if you have already experienced debt in your life, but then again, you may be in need of a few reminders. You see, while you may be tempted to take out or a loan or credit card, whether it’s for the first time, or to add onto your other debts, you are going to feel the pain down the line.

How debt can affect your life

  • You will never have enough money to save for your life’s goals. Want to go away on holiday with the family? Thinking about buying a new car? Hope to have extra money to top up your pension fund? If you’re still paying your debts off for years to come, you can forget about some of your future aspirations.
  • You will feel sick! Not only through the stress and worry that comes with having the burden of debt, but in all those other ways stress can affect your health. Mentally, you may suffer from depression and heightened anxiety. Physically, you will feel aches and pains throughout your body, high blood-pressure, or be at higher risk of a heart attack or stroke. Our advice if this is you now: see your doctor!
  • You won’t get a step on the property ladder. Assuming you’re still renting of course. Sadly, mortgage lenders take debt into account when you are trying to buy a house, so you will struggle to make the move from rented accommodation into a place to call your own.
  • You will get into more debt. Whether frivolous or not, you may get into the trap of paying off your current debts with another loan or credit card. Now, this is acceptable if you are consolidating your existing debts with one easier to pay loan or credit card (see, but you still need that resolve to get the new debt paid off quickly. Always check interest rates if you ever do consider replacing old debts with new; otherwise, you may end up in a worse position than you are already in.
  • Your assets are at risk. If you have put your car or house up as collateral for a loan, you may be in danger of losing them if you fail to make your monthly payments on time. Needless to say, this could be catastrophic, especially if you lose your home to the bank.
  • You will struggle to support your family. Being single is one thing, but if you have family to support, consider how your debt will affect them. You will struggle to feed and clothe them, as well as have the luxury of those things families do together, such as having holidays or having treat days indoors and out.

If you are in debt

If you are bogged down in debt, don’t be afraid to ask for help. There are debt charities out there who will give you professional advice to help you manage your finances. As well as talking to them, start taking steps in all aspects of your life to improve your situation. Start budgeting, try to make savings, and stop squandering your money on anything that isn’t essential. Help is available to you, but you do need to be responsible in managing your money.


Should you be one of the lucky few not in debt, consider our warnings, and continue to practice good money habits to steer you away from that awful pit. If you are in debt (and many of us are), do get the help you need and form good habits in the future to protect you from further harm. If you have any further advice for our readers, perhaps from your own experiences of debt or money-management, please let us know.

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