What to Do if Being in Debt is Ruining Your Life


Getting into debt is often really easy to justify today, and it can often seem like you have to borrow money to do a lot of different things. Whether you want to go to university to get a degree, get a mortgage to buy a house, or even buy a newer car, these things have now become so expensive that most regular people on an average income will find them impossible to do without borrowing money in some way. However, while there is nothing wrong with responsible borrowing when you need a larger amount of money than you have got for a purchase, it is important to understand the difference between borrowing money in a way that is an investment, such as buying a house or getting a degree and borrowing money in a way that is not always necessary. Doing this can become harmful to your well-being and even your health over time. 

Today, it’s easier than ever to get into credit card debt or end up owing lots of money to buy, now pay later services in a consumerist society that is always throwing the latest items at us and making us feel like we have to have them. However, this can end up holding you back in life and leave you feeling anxious, stressed, depressed, and isolated. Here are some of the top signs that debt is having a negative impact on your life, and some options to consider if you want to start making a change. 

You’re Always Worried About Money

If you’re paying off a lot of different debts all the time, then it’s no surprise that you might find yourself worried about money more often than not. When you borrow money here and there for buying something new or doing something with your friends, it might not always seem like such a big deal at the time, but when everything is put together it can have a massive impact on your life. Making your credit card repayments on top of keeping up with buy now, pay later purchases, repaying car finance or personal loans, and trying to keep on top of your essential monthly expenses can quickly become overwhelming. 

Your Career is Impacted

If you want to change your career but have a lot of debt, the amount you owe could be holding you back. Maybe the dream career that you want would involve taking a pay cut at first that you’d be happy to do if you didn’t have to make sure that you were earning a certain amount of money each month to keep up with repaying your current debts. Your debt might be holding you back from getting the skills and qualifications that you need to get into your dream career if you would like to go to college or university but are unable to since doing so would mean that you earn less and would be unable to continue making regular repayments without financial difficulty. 

You Can’t Borrow When You Need It

Maybe your past borrowing activity has mainly been for things that you want rather than things that you need, and now you have found yourself in a situation where a financial emergency has arisen, and you have no means of accessing the cash you need to cover it. If you’re already repaying a lot of debt, lenders are going to be reluctant to give you any more until your situation improves, even if you need that money for something serious. 

You Can’t Save

Do you feel like you are working and working but have nothing to show for it at the end of each month? It might be because you are repaying debt. If you’re only making the minimum payments, too, then chances are that your debt level isn’t really going down either, leaving you in a cycle that feels impossible to get out of. 

You Can’t Afford Essentials

When you’re making debt repayments, paying off the debts can often seem like a huge priority since if you miss payments your credit rating is going to be affected and this will only make everything worse. As a result of this, you may have found yourself struggling to afford essentials. If you have to skip over getting certain things when shopping for groceries or are at home wearing heavy clothes rather than turning on your heating just so that you can afford to pay back your debts, this is no way to live. 

So, what are your options if your debt level is having this kind of negative impact on your life? Here are a few strategies to consider to help you get out of this situation. 

Get Free Advice

For many people, the first place to start is by getting some free and impartial debt advice. Speaking to an organisation like StepChange or Citizens Advice can help you take the first steps towards getting out of debt, including providing you with information about options that you may not have realised were available to you. These organisations can help you with things like setting up a debt management plan or getting into an IVA, which might bring your credit rating down in the short term but will ultimately get you out of your current situation, putting you in a much better position to improve it in the future. 

Consider Debt Consolidation

If you are currently repaying several different debts and have different payments to each one every month, this can really have an impact on your finances. Debt consolidation is often the best way to deal with this. Take out another loan that is enough to cover all of the loans and other debts you owe right now and pay them all off leaving you with just the one to worry about. Typically, this means less being paid out per month and, of course, less to keep up with. Depending on the level of your current debt, you can use a short-term loan for this if you want to get out of debt as fast as possible. Check out the Pay Day Loans and short-term loans available from Payday UK to see what options might be suitable for you. Payday UK is a broker that will search a panel of reputable lenders to help you find the best debt consolidation short-term loan for your needs. 

Communicate With Your Lenders

Lenders and loan companies have a duty of care to their customers, and if you get in touch to let them know that making repayments is having such a negative impact on your life, they will have strategies that they can put in place to help you out. For example, if you are struggling to cover your essential expenses, they may be able to reduce your repayment to make this easier for you. Ideally, you should contact your lenders sooner rather than later. Although it might be embarrassing to call and let them know that you are struggling, most are very helpful, very understanding, and would much rather be aware so that they can help you out now, rather than letting things get worse over time. 

While borrowing money might be essential at times, too much debt can have a huge negative impact on your life. If you’re dealing with this right now, the good news is that there is support and alternative options available for you. 


Q: What is debt?

A: Debt is an amount of money that you owe to someone else, such as a bank, a credit card company, or a friend.

Q: How can debt ruin your life?

A: Debt can ruin your life by causing financial stress, affecting your credit score, limiting opportunities, and harming your relationships.

Q: How to avoid getting into debt?

A: You can avoid debt by living within your means, budgeting your income and expenses, saving for emergencies and goals, and using credit wisely.

Q: How to get out of debt?

A: You can get out of debt by planning, prioritizing your debts, paying more than the minimum, negotiating with creditors, and seeking professional help.

Q: How to manage debt responsibly?

A: You can manage debt responsibly by keeping track of your debts, paying your bills on time, avoiding unnecessary fees, and reviewing your credit report regularly.


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