July 1, 2014

The American Debt Nightmare

Most Americans struggle daily with debt. They seem to never have enough money for the things that they need, yet that does not stop them from wanting things too. It seems so easy to pull out the credit card for purchases that you need and want.

Here are some negative impacts of debt.

Having debt can be very stressful

Worrying about money daily can take a toll on your body. You probably worry constantly about how you are going to pay off your credit cards. Worrying so much can cause ulcers, headaches, and even more serious problems such as heart attacks.

Debt is bad for your marriage

Money is the source of a lot of problems in marriages. Throw in a little debt and it can make it even worse. Couples argue on who is spending the money and why. They probably argue about not making enough money, causing one or more of the spouces to feel like a failure. Debt often leads to divorce.

Unable to Qualify for a Home Loan

Though you need some debt and credit to buy a house, too much and lenders will start to think that you can’t afford to buy a house and make payments regularly.

Having debt is expensive

Interest adds up, making the item cost a lot more than it would have if you had the money. Often, you must decide if the sale is worth the extra cost of the credit card. If you do have money on credit cards, be sure to pay as much off as you can afford, to keep the interest a little lower.

Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

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