Debt isn’t just your personal cross to bear. If you have a spouse or a family, they too will suffer from the debt that has been brought into their lives. Maybe you won’t be able to afford new school clothes for your children, or maybe you’ll lose your home or your car, which would leave all of you homeless. Debt can make it extremely difficult for people to pay their bills and taxes, causing further problems. If you are struggling financially, you could always consider requesting tax relief (get more help here). That should help some people to avoid debt and bankruptcy for a while, so it might be worth looking into.
The positive thing is that debt is not a constant, there is help for you if you ask for it. If you are drowning in debt and you’re worried about what it is doing to your family, consider talking to a debt repair company and maybe even a therapist.
Difficulty Buying A Home
Not only can debt lead to you losing your home, but it can also make it so you can’t buy a home. Debt can even affect your ability to rent an apartment. For starters, if you’re in so much debt that you can’t pay your mortgage or even your city taxes, you could lose your home. You may experience foreclosure, and that in itself could affect your ability to ever buy another home again.
If you’re in debt and wanting to buy your first home you’re going to need to jump through a bunch of hoops. There is help out there, but you are still going to have to start working on your debt. Even apartment complexes are going to check your credit and your rental history, and bad credit will have them worried you’re not going to pay rent.
Difficulty Finding A Job
Debt can affect your job hunting as well. If you work in any field that works with money, your poor handling skills of your own funds could turn them off, and you can bet they’ll do a background and credit check before you’re hired.
If you spend most of your day at work complaining about not having any money, and some goes missing from the job, you’ll likely to be one of the first to get accused, even if you didn’t take it. You may even lose your job over it.
You’re definitely going to have an internal struggle when it comes to your debt, especially if it’s affecting your work or your ability to pay your bills. This will lead to stress and maybe even depression, which can also affect your family.
Debt and money issues are also a major cause of divorce. Stress from your money problems can cause arguments and more. If one of you is in more debt than the other it can cause a rift, and even one person not working as much as the other when there are already money and debt issues can make things worse, even volatile.