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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.

Different ways your debt is hurting you

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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.

1. Having debt impacts your ability to save and invest.

Since you have to spend money each month repaying your debt, you have less income to save and invest.

2. Debt payments take away money that could be spent on other things.

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.

3. Having debt hurts your credit score.

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!

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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.

Speaking about problems can help you understand them

Since you have to spend money each month repaying your debt, you have less income to save and invest.

It helps you face your debt

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.

You might discover new options

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.