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Apart from the obvious effects debt have on your financial situation, there are many ways debt can affect you in your day to day life. Becoming debt free can help you in ways you may not have previously considered. If you would like to talk to someone about becoming debt free, contact us today.

1. Debt can put a strain on your relationships with your family, friends, or spouse. Being in debt can be isolating, especially if you are trying to keep it from loved ones. Arguments about money are always very unpleasant, and can lead to relationship breakdowns in some cases. Freeing yourself from debt will give you a new and fresh start in your personal relationships. Even making a plan for how to get yourself out of debt will relieve a lot of the stress you may be under.

2. Debt can lead to more spending. It is common for those in debt to just simply resolve themselves to feeling as if all hope is lost. You may find yourself tempted to acquire more and more debt if you feel out of control, and like you will never be able to pay it off. We can help you make a realistic plan for paying off your debts that will make you feel more in control.

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3. Debt is not good for your health. Research has shown that household debt has negative effects on your health, both mental and physical. Being free from debt will alleviate a lot of stress, which can often have very negative effects on the body and mind.

4. Debt can have a negative effect on your credit rating. Being in debt will mean a lower credit rating, a score which lenders will use to determine whether you are a good candidate for a loan. It can be a process to improve your credit rating after being in debt, so the sooner you can begin to make payments and lessen what you owe, the better.

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5. Incurring debt is borrowing from your future self. When you rack up debt, you are essentially borrowing from your future bank account. Continuing in this way will mean that you are always chasing more debt, and could find it hard to get on top of. Beginning the journey of paying off your debts will mean less time catching up, and will allow you to begin planning for larger investments in the future.

6. Debt ends up costing you more. Interest accrues on almost all loans, so this means you will end up paying a lot more than you originally owed. Getting on top of debt payments as soon as possible will mean less time for the interest to add up.

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Getting started paying off your debts as soon as possible will mean freedom from feeling financially trapped isn’t too far away. If you need help knowing where to start, contact one of our consultants today!

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