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Debt: It Takes its Toll
By Molly's Brother | January 9, 2008
Many people view a moderate amount of debt as something that is a necessary–and at times even helpful–aspect of modern American living. The upside of debt exists. Credit cards do aid in getting us out of financial fixes or short-term emergencies. For some, it even allows them to live a life that is slightly out of reach. However, there is an ugly downside to debt. Debt damages your psychological health and can have negative long-term effects on your relationship, your self, and your future.
Debt Damages Your Relationship with Your Spouse Money is probably an issue in 100% of romantic relationships, although to varying degrees. According to Consumer Credit Counseling Services, of married couples who responded to their national survey, 60% of couples said they had fought about money issues with their spouse. It would be interesting to see how far in debt each couple was. Debt adds an incredible amount of stress to a relationship. Because of debt, credit scores can be affected; it can get in the way of plans to purchase a home; it can get in the way of planning for a secure retirement. Many couples do not talk about debt before they get married. Additionally, out of control spending can, in many ways, have the same effect as sexual infidelity. Spouses feel that their hopes and plans for the future are not being honored by the spouse who keeps the couple in debt.
Debt Damages Your Relationship with Yourself Debt can also negatively impact your own sense of self. It can get in the way of your sleep schedule. It can weigh you down with negative thoughts. In fact, if not acted upon, long-term debt can lead to depression.
Debt Damages Your Future Uncontrolled credit card debt will get in the way of planning for your future. You may be unable to provide for your young children. You may not be able to effectively plan for their college education. Or worse. You may not be able to plan for your own retirement. Credit card debt will take its toll. It will get in the way of your life and your financial future.
Topics: Debt |