It’s true that when you have a bunch of credit card debt hanging over your head, all you think about over and over is, “How am I going to come up with this month’s payment? Will I ever pay these debts off? How did I rack up this much debt in the first place?”
The focus is usually solely about the money.
But whether you consciously realize it or not, excessive debt is wreaking havoc on other aspects of your life as well.
I just ran across a really good article by Lynnette Khalfani-Cox where she does a nice job of outlining the ramifications of excessive debt beyond just the obvious financial component. She says …
“The real price tag of debt isn’t the financial cost associated with owing others. It’s the toll that debt takes on every area of your life.
Debt wreaks havoc on you emotionally, causing physical and mental stress. Debt taxes relationships, leading couples to argue more, or divorce. Debt limits your personal and career options, keeping you in a dead-end job or unable to move because you owe too much money on your credit cards or your mortgage.
So stop thinking that becoming debt free is simply a way to improve your wallet. Think instead about how becoming debt free will improve your entire life, including your health, your relationships and your overall emotional well-being.”
I also really liked her take on debt and personal responsibility …
“We’d all like to blame someone else for our debt woes and our financial problems. The “irresponsible” ex-spouse who ran up the bills. The “stingy” boss who wouldn’t give us a raise. Or maybe even the “greedy” bankers who gave us credit and loans in the first place!
But to get out of debt, you have to accept responsibility for your predicament. You have to think about the choices YOU made, the things YOU did – or did not do – that led to your current state of financial affairs.
It’s only by seeing your own level of personal responsibility that you become empowered. You have to start to think: “If I got myself into this mess, I have the power to get myself out of it.” At the very least you need to ask yourself: “How did I contribute to my debt?” And more importantly: “What can I do to help turn things around?”
Over 3 years ago, I wrote a similar article on debt and personal responsibility as well.
To read Ms. Khalfani-Cox’s complete article, here’s the link: