So Much More Than Money: How Debt Can and Will Impact Your Life?

Don’t worry – I’ll put it on my credit card.

It’s fine, I’ll pay it off when I can afford it.

This deal is too good to miss!

Sound familiar? As adults, there’s nothing wrong with putting off paying for something with a credit card, a loan or even a store card. But we need to be careful, and only do so if we’re absolutely sure we can pay it off (plus interest) in the future.

Sadly, for many adults, these simple statements are usually the beginning of a downward spiral into debt, something that can take hold and even destroy your life. You must look for professional debt advice to stay safe from financial issues.

How Debt Can and Will Impact Your Life?

Want to know more? Read on to discover how debt can and will impact your life.

• Your credit score could be in tatters

Your credit history is what future lenders will look at to decide if you qualify for things like mortgages, future loans and credit cards. If you’re bogged down by debt and aren’t showing signs of paying it off or you have more debt than your credit limits then your credit score will be heavily impacted. A low credit score can prevent you from progressing in life, getting a mortgage or even taking out a loan to start a business etc.

• Your relationships will suffer

Money is the number one reason that couples fight. So, you can imagine the impact that debt can have on a relationship. Resentment, anger, frustration and blame will take their toll on those around you. And if you argue about money in front of your children then they’ll be impacted too. Even hiding your debt from your partner can create tension, betrayal and a huge upset.

• Your mental health

Debt has a lot to answer for. Including the impact it can have on your mental health. Struggling to sleep, anxiety, stress and despair are just some of the ways you may be left feeling once debt starts to pile up. Jumping every time the phone rings, worrying about what will arrive in the post or being frightened to answer the door in case bailiffs are there. You’ll feel stuck in a rut and unable to escape this downward spiral, leaving you with a lower quality of life.

• Your physical health

Mental health and debt go hand in hand. But did you know that debt can impact your physical health too? Stressing about your debts can lead to migraines, tension headaches, ulcers, high blood pressure and in some extreme cases, heart attacks. Health complications and debt are a frightening combination.

What should I do?

If you’re in debt and worried about your future, it’s important to seek financial advice and help as soon as possible. The quicker you act, the better!