The burden of debt

The burden of debt

There are few things in our lives that cause more stress than debt. It can encroach into every aspect of our lives. The source of this stress can be from any debt that doesn’t have a clear achievable action plan to pay it off making the debt seem like an insurmountable obstacle.

Knowing this, how many of us would avoid debt if we could? In Australia we have a debt level equivalent to $79,000 per person, the highest it’s ever been. Furthermore the average household debt in 2013 had reached a figure of almost 1.8 times a household’s gross annual income and has been steadily increasing.

These figures show that despite the negative impacts that debt can have on our lives it is continuing to rise. As previously mentioned the impacts of debt on our lives go far beyond the financial realm. We will consider some of the ways that are debt can affect our mental wellbeing.

  • Studies have shown that those who struggle to pay off there debt are more than twice as likely to suffer from depression or sever anxiety. This is often accompanied by feelings of worry, stress, overwhelmed and like there is no end in sight.
  • Debt has been shown to cause resentment. This can take the form of resentment towards a partner for putting them in this position, towards children or other people dependent on them for costing to much money. It can even be aimed towards their employer or even other family and friends. Resentment can weasel its way into every aspect of your life.
  • Debt induced stress is common preventing people from performing to their optimum levels in their personal and professional lives.
  • Debt can cause significant amounts of frustration and anger. This is especially relevant to debt that is accrued outside of someone’s control. Sometimes we may lose our job, have medical bills or go through a divorce. The feeling of anger and frustration can be amplified when our debt reminds us of these events.
  • Debt can lead to regret resulting in people questioning their life choices.
  • Debt is a taboo topic that is rarely spoken about. People don’t want other people to know there in debt or how much debt they are in and is often associated with shame, embarrassment and isolation.
  • Significant debt is often associated with fear. People are often scared that they will never pay it off or that they may not be able to keep maintain payments. Alternatively people may be fearful about the potential impact it may have on their relationships with others.

Debt, without a clear and achievable action plan can be linked to all of these things and many more. It not only impacts on ourselves but also those we care about. None of us ever want to feel this way but sometimes we feel trapped with no way out. There is an alternative…

The alternative is to take control of your debt and begin making significant in roads into it eventually paying them off. This results in people feeling relieved, free, and an overwhelming sense of accomplishment. The negative emotional consequences of debt are over ruled with satisfaction when you take control. So I ask you …

  • Is it time to take control of your debt?
  • Is it time to take affirmative action and assess your options?

If you’re a homeowner who is struggling to pay off your debts then it is time to start taking affirmative action. If you have a desire to relieve yourself from the burden of stress then click here to find out if we can help you.