In almost every circumstance, I am a firm believer in living without debt. I wish that I would have worked harder when I was in college. I could have worked another job in the summer and made enough to cover my college expenses. I’m almost sure of it. Instead, I came out of school with debt, and so did my wife. Together, we were in the hole $18,000 . It’s amazing how debt can affect your life!
Debt Causes Stress
My wife and I soon realized that it was time to pay our school loans – the letters were coming in the mail reminding us that the payments were beginning. The only problem was, we were fresh out of school and only one of us found a job. Money was tight and stress was on the rise.
We wanted to pay our debts, but we never imagined that it would be so difficult! If we decided not to pay, there would be large penalties, and if we deferred the loan, the interest would continue to build anyway! It seemed like a no-win situation.
Frequent Head Aches
Increased Suicidal Tendencies
Basically, when there is stress in your life, you can count on your life getting worse. Since debt and financial matters are often a cause of stress, do your best to alleviate yourself from its grasp!
Debt Sparks Uncertainty
Debt has a way of draining our passion on life. If we have debts that never seem to go away, we begin to doubt our abilities.
“I wonder if I’ll ever start saving for retirement.”
“I wonder how everyone appears to be rich, but I’m still broke”
“I don’t think I’ll ever get out of debt. I may as well stop trying.”
If you find yourself thinking this way, please STOP! Do you know how powerful the mind is? I could probably start a whole other website on just that one topic. If you begin to accept the fact that you’ll be broke forever, then guess what? You will…..
If, however, you decide that you can whoop debt in the butt, then you will! Do not give up hope. If you’d like some help getting started, take a look at my personal story and learn how to get out of debt fast! Also, take a look at How to Get Out of Debt in 2011.
Debt Takes Away Your Freedom
The cause of debt that I personally hated the most was the lack of freedom it left me. Let’s say you want to go on a vacation! Well, you probably shouldn’t because you have $8,000 in credit card debt already. Maybe you’d like some new furniture… oh wait, you still owe money on the furniture that’s sitting in your living room. Perhaps you’d like a different car! But, you are still making payments on yours so no one will buy it from you. Really, the only way to get another one is to trade yours in at the dealer….but they’re sure to give you as little cash as possible.
Debt really limits what you can do in life doesn’t it?! Imagine the feeling of freedom you’d get if you didn’t owe a penny to anyone! Let me tell you, it’s wonderful. There’s suddenly extra cash at the end of the month, and you weren’t even thinking about saving.
More Information and Debt Help
What are Bailiffs?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.