Three Reasons Why Being Under a Mountain of Debt is the Worst

reasons why being under a mountain of debt is the worst

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.


    • Apollo

      Apollo 11/05/2013 5:23 a.m. #

      Nice post Sicorra. Most who start down that path find it very hard to get out of it. This is just one example of how lack of financial education is impacting generations as well as the economy as a whole.

      • Sicorra

        Sicorra 11/10/2013 5:45 p.m. #

        It can be hard to get out of debt. It takes initiative, courage and consistency. It is well worth it though.

    • Arelis Cintron

      Arelis Cintron 11/08/2013 8:52 a.m. #

      I am grateful that up until this point in time, I have made enough income to pay at least my minimums to avoid being late. I try and pay extra when I have it but I like to put some of it aside for the months I won't make enough to cover. I know in that since it took years to rack up the debt I have now it will not be paid off overnight. It is a process and I know one day it'll be gone if I stay disciplined. But its still a thought in the back of mind ...

      • Sicorra

        Sicorra 11/10/2013 5:47 p.m. #

        Discipline is key Arelis. I like that you are taking your time and not putting huge amounts of stress on yourself to immediately pay it off. Too many people do that and they only end up worse off.

    • Erika Awakening

      Erika Awakening 11/09/2013 9:12 p.m. #

      You described very accurately the feelings people have when they don't face their debt. I've had a surprisingly large number of clients in this situation, and I almost always recommend that they seek out a service like yours and try to negotiate with their creditors or find some other way to face the music and put the nightmare behind them. Thanks for an enlightening article.

      • Sicorra

        Sicorra 11/10/2013 5:49 p.m. #

        Debt can create so many feelings inside a person depending how their situation. Dealing with it is hard, there is no doubt about it. Asking for help can be hard too, but once a person does it will make things easier.

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