Life Aspects Affected by Debt

While getting in debt doesn\’t take that much hard work, getting out of it does. While swiping your plastic cards may seem like a breeze, it could be too late when you realize that it has affected all aspects of your life.


If you’re in too much debt, your early retirement dream might be postponed, either because you don’t have enough savings or because your retirement money won’t suffice for future debt repayments. While delaying your retirement is already bad, having to go back to work after quitting your job because you realized your retirement income isn\’t enough is depressing.


Before you are accepted for a private student loan, the lender will most definitely check your ability to repay before lending you the money. If you have too much debt, your application may be denied, which may lead to delaying your schooling or not earn any degree at all.

Standard of Living

Everyone has a different perspective about what a comfortable lifestyle means. While some are okay with watching home movies during Friday nights, there are those who prefer outside get-togethers sipping martinis. Some, however, use debt as a means to afford the kind of lifestyle they want, which unfortunately ends when you have to pay the bills and you have no more savings to dip into. Instead of bringing you closer to your dream luxuries, debt will drag you away from them. Debt can prevent you from buying a better home, a better car, or even new clothes and gadgets until you\’ve increased your income or have paid for all that you owe.


Another major life aspect affected by debt is your career. While it may be hard already to find a new job as employers would like to look into your credit score, you can’t even think of leaving a job you hate because you have debts to pay. Furthermore, if you want to start your own entrepreneurial venture, you’ll have to constantly worry about how to balance debt payments and keeping your business alive.


Not many people are aware of it, but debt predisposes a person to higher risks of stress, muscle tension, migraine, anxiety, depression, and even heart diseases. Worst case scenario, this can lead to further debt problems if you become sick and your medical expenses aren\’t fully covered.


Everyone deserves a break from time to time, to bond with their loved ones or just to clear the head and recharge batteries. However, this can be difficult if you have debts. Not only raising the money for your vacation is hard, but how can you fully enjoy it if you’re worried about your debts right? In addition, it might not be a practical idea to splurge on a vacation even if you have the cash, if there are debt collectors waiting when you come back.

Back view of a happy family on tropical beach; Shutterstock ID 152536469; PO: today-daivd
Back view of a happy family on tropical beach; Shutterstock ID 152536469; PO: today-daivd

Lost Money in Interests

You won’t realize the bearings of your monthly interests until you compute for the long-term. Imagine just how much they are worth 20 years from now, if you\’ve put them on a savings account instead.

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