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Is your debt derailing
your life?
This might sound like a dramatic question but it's actually very valid! Having lots of debt can negatively impact almost every aspect of your life. It can hurt your marriage, make it tough to get a loan for a home or car, hurt your reputation, and hinder your ability to save for the future. Going into debt also sounds bad but it's actually much easier than people think. Just take a look at some these statistics from Debt.org
- 1 in 10 adults carries a credit card balance over $5,000
- Student loan debt is over almost $1.6 trillion and the average loan per student is roughly $80,000
- Auto loans total almost $1 trillion
- Total American household debt is up to $13 trillion
Considering that the total gross domestic product (total value of goods and services) of the United States is $20 trillion, American debt is not far behind at all. One of the reasons why that is is that almost everyone needs to go into debt at some point.
A single mother who needs to feed a family off just one income would probably open up a credit card. A middle-class family who wants to send their kid to a prestigious school after they got accepted will probably take out a student loan. A college graduate who got a job offer but has no money saved will probably take out an auto loan so they can commute to work.
All of these situations are valid reasons to take out a loan. Where most people fall short is in repaying their loan. That’s because sometimes repaying a loan can be a little bit like heading out to sea without a compass. You set off with a clear direction and plan to get where you’re headed. However, after a few hours, you lose track of any landmarks. You don’t have the tools or know-how to correct your course and before you know it you’re lost at sea. What seemed like a reasonable idea is turning into a disaster and now you’re just hoping someone comes along to steer you in the right direction.
That’s where we come in!
Different ways your debt is hurting you
The main thing that we want people to understand is all the different ways that their debt is hurting them. Living life with debt is like running up a hill with a weight vest and wondering why other people are beating you. Once you have a good understanding of how your debt is weighing you down, you will be eager to get rid of it.
Since you have to spend money each month repaying your debt, you have less income to save and invest.
Let’s say you pay $200 per month on debt payments. That’s $2,400 for the entire year! If you didn’t have to pay this debt you’re essentially adding $2,400 to your income.
Not only is it difficult to make the monthly payments on your debt but it also hurts your ability to borrow more money. This could be a problem if you’re looking to buy a house or start a business in the next 5-10 years.
Okay - we’re done being negative! Now it’s time to talk about solutions.
Let’s talk about
your debt!
Having debt is usually something that most people don’t like to talk about. Granted, it’s probably not something you should bring up on a first date but that doesn’t mean you shouldn’t talk about it! In fact, talking about your debt is a really good step in the right direction. That’s because everyone’s financial situation is different. The best way to make a decision is to speak with a professional about your specific needs.
Have you ever heard the phrase “the best way to make sure you understand a concept is to explain it to others”? By talking with us about your debt you’ll have to vocalize exactly what your personal situation looks like (don’t worry, we don’t judge).
Having lots of debt can easily feel like a hopeless situation and we all know that hopeless situations are the easiest to ignore. However, ignoring it won’t make the problem go away. Instead, understand your debt and let us help you attack it.
We have seen every different situation in the book, trust us. There isn’t much that surprises us anymore. The good news is that we are always able to help point people in the right direction! Even if you just want to get some advice we are happy to help.
Options to attack your debt
Debt consolidation loans
This is a method that involves combining different debts (credit cards, mortgages, student loans, etc.) into one payment. It works like this:
If any of these options call interesting
or if you just want to speak, the process is super easy:
Give us a call
There is no obligation at all. Let’s just chat and see how we would be able to help out.
Speak with a team member
The best part about calling is that you’ll get the personalized help of a professional. We’ve seen all types of situations and can recommend solutions that have worked for others.
Get debt-free
Once we help you reach a solution, you can start to attack your debt and before you know it you’ll be renewed!
Chat with us today and by tomorrow you’ll be on your way to becoming debt-free.
Got questions?
We are ready to help.
Call us and let's talk!
We are here to bring
your plans to life.
You work hard, and we know it. Nothing takes the wind out of your sails more than a financial set-back or other unexpected problem. When you fall on hard times you don't have to go it alone. Whether you're re-organizing or starting over, Midwest Regional has a compassionate team of experienced agents standing by to help.
We'll help make your dreams a reality.
Sincerely,
Midwest Regional Team
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Imagine life after paying off your credit cards.