Debt isn’t necessarily a bad thing – and we all use it in some way as a tool to get more out of our lives. Whether it’s a private household getting on the property ladder or a business looking for a loan to boost growth, it just isn’t possible for most of us without borrowing.
However, when your finances become unstable, debt can turn into a ferocious beast. And when it occurs, it can be accompanied by some incredibly negative side effects. We’re going to take a look at those side effects today and reveal how you can start to deal with them. Read on to find out more.
The edgier life
First of all, bad debts can sink your lifestyle within a matter of weeks. Everything becomes harder and more stressful. Life becomes a lot starker, and everything will feel a little on edge. It’s no surprise that the stresses and strains of bad debts often lead to people making poor life choices. You could start stealing, for example, despite having never done so in the past. You might cheat, lie to loved ones, or block out your troubles by turning to booze or drugs. However, wherever possible, it is vital to try and keep your integrity. Being in debt is not a crime. But some of the things you might do because of debt could well be.
The long-term impact
Debt can hit you hard in many ways. Sure, looking for short term lending could get you out of an immediate fix. But if this happens regularly, or you can’t afford to pay your debts back, you are on a quick downward spiral. The long-term impacts could include bankruptcy, losing your home, a bad credit rating, and emotional and mental health problems – even to the extent you feel suicidal. The only solution to all these issues is to tackle your problems head-on, in the best way possible. Accept your current status, but believe there is a way out. You can get started by talking to a debt charity who will help you get back on your feet and manage your money.
The relationship troubles
Bad debts can be like a hand grenade landing slap-bang in the middle of the living room – even in your personal relationships. It’s not uncommon for long-term, loving marriages to end as a result. There will be a lot of blame, and resentment at how a partner or spouse is dealing with the issue. As everyone knows, one of the top reasons for divorce is down to money, so it’s no surprise that bad debts can impact relationships in such an impactful way. The only way to deal with this massive issue is to be open, clear, and honest at all times. OK, your relationship may not get through this rough patch, but at least you will have tried.
Sheer terror
When the chips are down financially, there isn’t much help out there. In fact, it could even seem like everyone and anyone is out to get you. And it’s true, to an extent. Every letter from a utility provider or bank lands on your floor with a dull thud and you are frightened to open them. Every time the phone rings, you worry it might be the debt collector again, and you have concerns they will start to threaten you. And even a simple knock on the door could lead to you cowering with the drapes closed and refusing to answer. It’s no joke – and it’s a situation common to many families who experience bad debt every day. However, you have to remember that being in debt is not a crime. While you might end up in court, the reality is that it is a civil matter, not a criminal case. The worst that can happen at this point is the judge will order you to pay back your debts at a rate you can afford. You may end up going bankrupt or facing a strict debt management plan, but you will not be expected to do anything that you cannot afford. If you feel like debt collectors are being aggressive and threatening, ask them to stop. If they don’t, contact your local debt charity for some advice. But just remember – debt is not an offence. There is no need to feel like a criminal, and there is plenty of help out there for people in your situation.
The stress
Of course, with all this going on in your life, it will feel hard to manage. And when things get out of control, stress, inevitably, rears its ugly head. Do not underestimate the impact stress can have – it could even lead to your death. People with stress have a higher risk of many dangerous conditions, from high blood pressure through to stroke and heart attacks. Visit your doctor and explain how you are feeling. They will help you by recommending services – some therapy, perhaps. It’s important to gain a little more control over your stress levels as leaving them to go wild will not end well for anyone.
The regret
Regret is one of those things that should occur before you have issues – but it never, ever does. You will only experience disappointment after the event. You might feel terribly bad about the silly purchases you made that have got you into this quagmire. You might curse yourself because you didn’t put away enough savings for an emergency. However, it’s important to understand there is nothing you can do about it now. The only way to get through this terrible financial situation is to look forward, not back.
The shame
Finally, getting into debt can make you feel like a social pariah. Whether you like it or not, the amount of money you earn is how people perceive you as a person, and you might feel a tremendous amount of shame due to your circumstances. However, don’t allow this guilt to overcome your reality. The truth is that you need help, and staying silent could lead to worse issues – including health problems. Again, talk to people about your problems, and you will be able to start making plans to overcome them. Good luck!
