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Extreme Amount Of Debt – Debt is a drain on all your money. You are under continuous pressure to pay money to someone alone stressful and significantly impacts your financial situation, your relationships, and your very own mental health.

Debt can lead to stress and anxiety.

Since debt indeed harms a person’s financial condition, it leads to severe mental health problems as it is said that poor financial condition leads to poor health. Several studies have revealed a cyclical link between financial worries and mental health issues such as depression, anxiety, violence, or even death in some worst situations.

The stress of debt leaves you to feel depressed and anxious with constant mood swings disorders. It can also cause migraine, cardiovascular disease, loss of appetite, insomnia, and many more conditions.

More importantly, it affects your behavior towards work or job since you get constantly occupied by the mental stress to find ways to get rid of the debt to stabilize the financial condition.

Ultimately you find it harder to concentrate on your work which affects your income as you may take time off work due to lack of energy; hence the situation gets even worse instead of improving. In many cases, suicide seems like an easy way out to alleviate the burden of debt.

Personal life is affected.

When you have debt, it is hard not to worry about making your payments on time or even how you will stop yourself from taking on more debt to make ends meet. All of this harms your personal life.

Since poor financial conditions already occupy your mind, so family issues make your life more miserable. To have good family relationships, one must have stable economic conditions.

Otherwise, it leads to a lack of understanding between you and your family members, making you feel lonely when you want even more emotional support from your loved ones. Debt is also very harmful to married life as it can cause one or both partners to withdraw and become cold, while for others, it can lead to constant arguments and quarrels.

It can also cause trust issues depending on how the debt is accumulated. It can also destroy the relationship permanently as the partners can not stand financial worries suitably.

The Standard of living is reduced.

When in debt, your Standard of living is affected. You tend to buy cheaper products, and the quality of your life is impacted. As debt affects your brain psychology, back in your mind, you always know that you can never buy expensive products and you have to live with cheaper products, or you stop purchasing that product to save money and pay off the debt.

For example, you want to buy a shampoo of your specific choice, but to save money, you buy a cheap shampoo that might affect your hair. Debt restrains you from the daily life accommodations of your choice, and you are left with a limited selection of products for your lifestyle.


You cannot have more credit or loans.

Already the extreme amount of debt refrains you from taking more loans, and banks also deny your credit. If you don’t pay the credit balance within the time provided, your credit score decreases, and the bank won’t give you more balance on your credit card. Debt also hurts credit balance.

You can not take loans from the bank or some individuals. In case of emergency, you are left with no money just because of your debt. The bank or the credit card company won’t approve any more loans or credit limits. So it’s better to pay your balance or debt beforehand so that you can take a loan in case of emergency.

Debt costs you more money.

Your debt costs you more money than you borrowed. This is because the interest rate added per day or per month depends on who gives you a loan or the bank. If you get an idea of how much you are paying interest on your loan, you won’t take any loans for your whole life. Every month you have to pay more than the loan you borrowed. Who can use the extra money you are giving and your debt to attend to your other financial goals? You are losing your hard-earned income on paying interest. One can not save money if their whole salary goes into paying off the debt. Additionally, they have to pay the interest too. It’s better to stay away from loans and debt to avoid high-paying interest rates.

When in debt, you can not achieve your financial goals

Financial goals are something you always want to accomplish by the expenditure of your own money. When in debt, all your savings go to paying off the debt. Debt is a cycle, and your debt is the cause of your other financial plans are being ignored. Your priorities become different once you are in massive debt.

To pay off the debt, you burn the candle at both ends, pay off the debt. In the list of your financial goals, you only focus on paying off the whole debt rest of your plans are left out. Maybe you want a fabulous vacation with your family, perhaps you want to buy a car, perhaps you want to buy your own house, perhaps you want to invest in something, but all of these plans are left unattended due to your debt.


Your credit score is lowered.

The amount of your debt hurts your credit score. If you pay your credit balance within the time limit, then your credit score is higher. But if you are in debt, your credit score lowers down. The more significant the amount you owe to the credit card company, the lower your credit score is. Debt is a vicious cycle because to pay this debt, you take more loans, and this cycle of stressfulness continues. If you pay your debt on time and do not delay it anymore, there is a chance that your credit score might get higher.

Huge debt has an impact on behavior.

Debt can lead to worse outcomes by affecting your attitude towards decision-making. It can affect your behavior psychologically, and you will have a negative perspective towards everyone. As a result, you tend to get rid of the unmanageable debt by making unwise decisions and a short-term approach to managing their debt. For instance, you are more likely to take in a less expensive loan or pay back the debt-money in a smaller amount within the larger time limit. Getting rid of these types of problems is more likely to fall prey to social evils like robbery, corruption, etc. These social evils thus destroy the personality of the debtor.

You tend to overspend money.

It is observed that it is much easier for a person to spend money when he does not have to pull the money from his bank account. The same is the case with debt; when you use debt, it seems as if you have an endless amount of cash in your pocket. Thus you misspend the debt-money on unnecessary things and many expensive items rather than on spending on your business or some other productive activities. It ultimately leads to poor financial conditions, which trigger you to take additional loans, unaware that taking more debt. Simultaneously, you are already not managing the payments of previous debt makes your problems even more challenging to solve.


Debt eats up your future income.

Debt is a financial drain, and it also eats up the income you will receive in the future. As your current savings, as well as your future income, will be taken up by your debts. The finances of your future should be your priority. Save up for your future self so that you can have a pleasant vacation in the future without being under stress and worrying about your finances. If you purchase something expensive in the present by taking loans, you won’t have anything for a pleasant future. Instead of taking loans, being in stressful debt, and paying high interest, it is better to save up and not steal from your future wealth.

How to tackle colossal debt?

Having a massive amount of debt is a stressful phase of your life. One should get rid of debts to have a peaceful life. Life itself is not friendly, but at least you don’t have to stress about your finances. You got problems with your debts, don’t worry, there is always a way out:

Snowball method:

The snowball method is a prevalent method of paying all of the debts. According to this method, you pay your most minuscule amount of debt first, and then you pay your high amount of debt. In simple words, you pay your debt in the ascending order from low interest and low amount debt to a higher amount of debt.

Firstly, make a list of your debts in ascending order-pay minimum obligations to the higher amounts and prioritize paying the smallest one in the total amount. This method is not about the amount of debt a person has but about the mental pressure a person faces when being under obligation.

If you have, for example, five different types of debts to pay, then you can pay the smallest one first. As a result, your mind will be a little bit in a relaxed state that you have paid at least one debt, and there is a hope that you will spend all the rest of your debts.

Debt consolidation:

Debt consolidation is also considered a debt-paying strategy. Technically, you do not get rid of debt, but you can get rid of interest, and debt consolidation is more straightforward. It is a process where you take out a new loan to pay off the previous credit debt. All your loans or credit card debts are rolled into one monthly account. If you are serious about paying off the debt, then credit consolidation is a recommended method.

You have to pay each month to that specific account and live Frugally. Don’t make any more purchases with that credit card. Just focus and make it your priority to pay off the debt. Consolidation, as I said, does not erase your debt, but you can add your debt money into a new account each month which is a much simpler method.

Live Frugally:

If you are serious about paying off the debt, start saving up, and you can do so by living frugally. A frugal lifestyle is not a cheaper lifestyle, but you cut off your significant expenses. You don’t purchase the products if you don’t need them. Try to have excess free entertainment; if you want to watch a movie, search for free websites instead of buying a ticket. Don’t keep expensive hobbies, for example, golf or archery. Even if you have a costly hobby, try to break from it and concentrate on paying off debts.

Eating daily in five-star restaurants or spending money on meals from buying from eateries is a burden. Just buy groceries and cook for yourself for a while. If you can’t cook properly or want to eat once in a bit from outside, remember to avail yourself of discounts and buy-in deals. By doing this, you will save money. Cut out any extra subscriptions and during shopping, look for coupons. Have a decent lifestyle and free yourself from the stress of debt.

Look for another job:

Your one job is not enough to pay off the debt. You have to look for another job to pay back. This part-time job can be either a captain of Uber or some other cab service, or you can start doing deliveries in your free time. Giving your best the whole day is stressful enough, but you have to put your ego aside and work hard to pay the debt and free yourself.

You can freelance too. You can do content writing, try editing, become a part-time Photographer, try Photoshop, etc. If you have additional skills, then put your services online and earn from them.

You can start a small business as well. For example, if you have cooking skills, then you can sell your food. If you know painting, then you can sell your art online.

A part-time job or another hard-working business is a sacrifice you have to make to have some extra cash.

Sell your car and do not ask for any more loans:

If you have a car, then immediately sell it. Use local transportation instead of going by car. It is even better if you walk or use a bicycle to your workplace. Having a car costs you a lot if you are in massive debt. Such costs include a service charge of vehicles and fuel charges. If unfortunately there is some repairable issue with a car then you have to pay a lot. So it is better to sell your car for a while or at least put it up for rent so that you can pay for the debt with that money.

Even in case of emergencies, do not ask for more loans from anyone. More loans will refrain you from a good life. You will be under even more debt, making your life miserable, so even in the worst circumstances, do not ask for more loans.


Having debt is a huge responsibility, and according to studies, a person who is under obligation is in danger of falling into depression and can have mental problems. Debt even impacts your relationships. You develop an aggressive attitude and have a negative perspective towards life. You start arguing with every close person around you, and it creates problems. So it is better to try different strategies to pay debt and refrain yourself from taking more loans.

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