If you've ever been in debt, you know that it can feel like you're drowning. The more you owe, the harder it is to catch up. If you end up making payments late, you're charged high fees, which only makes catching up on your bills and paying back your debt that much harder. Simply keeping your head above water isn't enough - you have to keep on top of your current bills while trying to pay off your debt as much as possible. If that seems like too tall an order, think again - staying in debt is far more stressful than clawing your way out of it. Here are three reasons why being under a mountain of debt is the worst.
Annoying Phone Calls
Endless phone calls day and night by creditors and even lawyers is stressful, annoying and distracting. Even if you simply ignore the constant phone calls and mailed letters, the problem isn't going to go away. The best thing you can do is answer the phone, talk to the caller about your options and get anything you agree to in writing before you start making payments. Even if you can only tell them that you're not able to make a payment yet, it may help the calls ease temporarily.
Lack of Spending Power
You know that new camera you've been eyeing? Or the laptop you need because yours just crashed? Or that car that's pretty much a necessity since yours has become a money pit? Good luck getting any of those things if you have a terrible credit score. You probably won't be able to get a credit card, loan or financing, and even if you can, it will come with such a low limit or such a high interest rate that it will barely be worth it.
Worrying About Your Debt
Chances are that you won't realize how much your debt is weighing you down emotionally until it's gone and you feel the weight lifted off your shoulders. Worrying about money, checks bouncing and your utilities being shut off because you can't make your payments on time is awful. This constant concern and stress is probably disrupting your sleep, focus, relationships and happiness.
If this situation describes you, understand that trying to sort out your finances on your own may not be the best way to handle it. A good plan is to speak with prorfessionals that deal with this type of stuff everday. There may be things that you can do to sort out your situation. Steps that you can take. But you won't know what those steps are until you speak to someone for help. Not sure where to turn? There are a lot of companies out there that will help you figure out your options and get you started on a good plan to fix your credit issues. There's no need to continue living the way you have.