The US is in a lot of debt as a nation in general, but its citizens are also strapped with lots of debt. A statement from commercial credit services in the US said people everywhere are struggling more to keep up with consumer debts, credit card debts, student loans, and car payments. With all this debt and the money needed to keep current with it, never mind pay it off, there are most definitely consequences for those who live with debt.
The Emotional Toll of Financial Strains
Buying more than you can afford is common. Each person has a reason for doing this. It might be that they wish to keep up their image at work or in their community. It could also be that they have an emotional emptiness which only seems to be assuaged by a credit card spree at the local mall.
But, there are huge consequences emotionally to increase one’s debt load. In addition to the added expense each month, there is the added stress of having to meet that additional expense each month. If there is too much debt, it could become impossible to repay because other bills get in the way, or other emergency expenses arise. This can cause a tremendous amount of anxiety and depression.
The emotional toll of living with lots of debt is huge. It can also be the cause of fighting with a spouse or other family member. The stress a person lives with emotionally could lead them to seek relief in other ways such as through overeating and drinking too much.
There are real health consequences that can come as a result of living with too much debt. If you are finding that you are eating away your feelings of stress or you are smoking more cigarettes than usual, you need to do something soon. You do not want to let yourself live with a vicious cycle of dealing with feelings in an unhealthy way.
You also do not want to live in tremendous debt sometimes using a Visa card to repay a Master Card. You can do something about these consequences, and you should.
If you are dealing with too much debt, the first thing you should do is understand that you are not alone and you have nothing to be ashamed of. Set out to get yourself on a budget and live on cash. In time, you will resolve the emotional and health problems of living with too much debt successfully.