It was the most avoided topic that people would talk about. Who in the world will be interested with that, right?
But hey, I have been there. And I am still there. Trust me I totally know how it feels and I understand. I HATE IT SO MUCH! I hate even the slightest thought of it. The stress and frustrations it brings were incomparable.
Getting myself in to debt was very easy. It didn’t require me special skills but digging myself out of it was the hard. It requires hard work, patience, dedication and determination to succeed.
Being in debt has shown me truths that I have never imagined. Truths that enlightened me and not make me wanting to go back at it again. These truths allowed me to realize the following:
Debt keeps you living paycheck to paycheck or broke.
” We buy things we don’t need with money we don’t have in order to please people we don’t like.” Dave Ramsey
Paydays are love, right? Not anymore! WHY?
Because it feels like you’ve been robbed by the bank. Sometimes, if not always, it leaves you with little to nothing in your bank account because you have to keep up with all the payments set up automatically. In addition to that, there’s bills to pay like utilities, credit cards and basic needs to o take care of which includes groceries, rent, gas, and some medications.
Living beyond your means is simply the cause of this mess. You spend more money than what you are actually making. Maybe you’re addicted to shopping for stuff that you don’t even need. Or you may be spending money on something that you’re not even using like expensive gym memberships and maybe you’ve been eating out most often.
Debt ruins relationships.
According to Dave Ramsey, from his book “The Total Money Makeover’, loaning money to a friend is not actually helping them. Instead the relationship will be strained or destroyed. In my own experience, I loaned money to a friend who was in need. What turned our friendship sour is not the about the money but it’s the guilt and embarrassment that she felt when she lied to me. She avoided me for some reasons I do not know of. From then on, we never spoke.
In addition tho this, money fights is the second leading cause to divorce. The larger the couples debt, the more likely they say that money is the top reason of their fight according to recent survey done by Ramsey Solutions.
Debt leaves you with little to no choice.
Let’s say you’re in a huge debt. Now, you’re unhappy with your job because it’s too stressful or it doesn’t pay well. You wanted to quit but you just can’t. You can’t leave because you don’t have savings and other source of income that will get you through for the time being.
Leaving your job is not a smart decision to make especially if you have bills to pay and adding more to your debt is not a good option either. Therefore, YOU SUCK THINGS UP! No matter how hard it is, you just have to do it. This is the only way to survive at the moment.
Debt displaces your time with family and yourself.
Keeping up with payments is one of the hardest consequences of debt especially when your income is not enough. What you can do is to pick up more hours from work or get a second job. This will require you to spend more time at work instead of home.
Working more hours and having a second job will allow you to pay more of your debt in exchange to your family time. This means you will miss some quality time with your loved ones. This is sad especially if you have kids that are waiting for you to come home from work but you can’t be there.
I can relate with this one. I did this in order to make more money that will be used in paying my debt. It’s sad that I have waited for 6 years t be with them and now that they’re here I am still working this much to become debt-free. I even traded my me time to a weekend cleaning job in order to make extra cash.
You see swimming in debt steals your time for the people who you love.
Debt makes you sick.
According to Dr. Donna Ferguson, a psychologist in the Work Stress and Health program at the center for Addiction and Mental Health says that debt-related financial stress in a major crisis that needs to be addressed. Read the full article on this link. https://www.theglobeandmail.com/life/health-and-fitness/health/debt
Being in debt is an eye-opener.
When I was so stressed out with my debt, I realize that debt is not normal. That’s why I made a promise to myself that I will get out of it and never will I become reckless with my finances again. I don’t want to live like this for the rest of my life.
The consequences of my bad financial decisions and money illiteracy thought me real life lessons as an adult. It made me realize that instant gratification doesn’t bring you real joy. That’s why you don’t have to believe in living in the moment. Instead, live your life to the fullest by creating the kind of life that you love. Savoring every moment by spending quality time with your loved ones.
Don’t let yourself be trapped in debt. You’ve gone through so much hardships already so make your way out. Keep working hard with patience and perseverance. Keep fighting for that financial freedom that you are longing for.
In all honesty, debt could either be good nor bad. But the way we handle or treat debt is dependent on us. The choice is ours to make. You can be wise and smart but you can also be stupid and reckless. But that doesn’t mean that our debt define us. There is always room for improvement and that choice is ours to make. So keep on crushing it and aim for a debt-free life.