Why Struggling with Debt can Leave you in Despair

Living with a lot of debt can really take a toll on a person. Owing money is no laughing matter and most people feel bad if they cannot pay debts. We all have some level of debt, but a lot of us have a debt level that is manageable, or could be handled if need be. For those who cannot keep up with their debt, it can be hard to live from day to day.

Having debt means that you are not able to get ahead financially. If you are paying all of your salary to cover debts, or just the interest, you are always going to be in this cycle. Facing a lifetime of barely getting by can be frustrating. What is the point of working 40 hours or more a week if you are never going to get ahead because of it?

When you are in debt, you have a lot of people who are coming after you. Collection calls can go on non-stop and they will not stop until you have made all your payments. If you are behind on payments you could have your things repossessed which will only make it harder to get loans in the future. Having to screen your calls is never fun.

Those who are in massive debt can face other problems in life. Getting a job can be hard because you never know if an employer will be wary of a poor credit score. Getting housing can be tough because even most apartments demand credit checks. Good luck getting financed for a house or car if you have trouble paying off your debt, or have had trouble in the past. 

Owing others money means you don’t have a lot of time for anything else. Either you are working, or you are sitting in front of the TV because you can’t afford to go out. Your relationships might suffer because who wants to be with someone who can’t provide for others financially? You might have to get desperate and ask for loans from family that you might never be able to repay.

Debt leads to despair because you won’t be able to live a normal life. Your credit will be shot, you will most likely be making just interest payments and will never get ahead. It might get to the point where you either do nothing but work, or you do nothing at all because working won’t do anything toward paying off your debt, and you can’t afford anything fun.