subject: The Effects Of Debts On Various Aspects Of Life [print this page] The popularity of the terms like debt settlement,debt consolidation, debt counseling etc points at the grave infections caused by debt! Reports say that US households debt is rising at a rate of 20% more than the economy with 750 billion dollars of debt on Credit Cards alone! This alarming state of debt is no doubt giving rise to various debt relief options and debt law firms and organizations, but in vain! As personal and national debt is rising up and with each rising sun! Debt in America starts from the very beginning of the education life and lasts till mid-life causing continuous crisis and dilemmas in every phase and aspects of life. Let us know and explore in details, the effects of debt on life and its various phases.
Human beings insatiable needs and wants often invite all the troubles in his/her life, of which debt or financial deficiency is the most horrible one. From the moment we understand the meaning of the term money till our last breath, we all crave for it and divert most of our daily activities towards its attainment. Thus when we realize the state of debt, it comes as the hardest financial blow that may give rise to several disastrous aftermaths. Economically it leaves us with very limited or reduced funds and cash, apart from creditors miserable harassments. This may lead us to fake and fraudulent debt relief companies and credit counseling offers apart from damaging the credit report and prohibiting from taking further loans or credits. It can result into bankruptcy which is even more fearful, for its long term damages, and poor credit can have negative impact on future loans and even on job as most employers do a credit check before confirming their prospective employees.
Debt acts as an obstacle almost throughout your life, even if it gets cured and thus creates frustrations and depressions in its victims life. This in turn brings in stress and anxieties and illnesses related to it like heart problems, hypertension, blood pressure, diabetes and so on. In worst cases it leads to mental digression and psychological turmoil. This process of never ending debt takes a continuous toll on our mental and physical health, which further deteriorates our productivity and zeal to come out of it.
Apart from making a hole in our pockets, debts can also dismantle our relationships very badly. It is well known that money cant buy us happiness but lack of it can definitely invite misery, which can victimize our entire family and loved ones and can sever any ties and can embitter any personal relationships. Debt or money mismanagement is one of the most prevalent reasons of any marital disputes or separation.
Thus being on debt has several seen or unseen disastrous effects on our life and normalcy. It can even ruin a persons life making his mental balance go for a toss as a debtor stays in vicious pressures from all ends. Loss or lack of money often produces criminal tendencies out of desperation and fear in a debtor. Knowing all these facts would help but a little, until each individual fights his/own debts and keep checking the wrong attitude towards money.
by: Stella Dennis
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