Money For Lunch – What Can Debt Do To You?

What Can Debt Do To You?

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There are a whole bunch of things that can affect us. Our jobs, our income, our passions as well as our surroundings. They can affect our happiness, our mental health and in some circumstances our physical health. They can affect the decisions we make and the course of our future. One big thing that can affect us all, is debt. Debt is sometimes unavoidable, and it is very likely that almost every single person on this planet will get into some sort of debt at some point in their lifetime.

But how can debt affect us? What exactly does it do? What is it? Well – in financial terms debt is the money that you owe someone. When you buy something with a credit card, you’re in debt to the bank to the tune of your expenses plus interest, when you borrow money, you’re in debt to the loan provider. When you purchase goods with a payment plan, you are in debt to whoever is financing your purchase. When you sign up for a mortgage to own a home, you’re in debt to the provider. Some of these debts are positive things – especially a mortgage. Others can create a hell of a strain, but mainly when they build up because we can’t repay them.


Financially, debts affect us in three ways. Firstly, they damage our credit rating which affects our chances of obtaining financing leaving us to seek fast and cheap reliable credit repair services to build up our credit rating once more. Secondly, debt builds due to interest. If you do not pay debt, it builds due to the levies (interest) imposed on it by the provider. This can be crushing. Thirdly, debt means we can’t buy things. We can’t get loans or mortgages if we are in debt.

While debts can do a lot to our finances and cause catastrophe to our bank balance, the big worry is how debt affects us in other ways – mainly emotionally. Having debt of any sort can create worry – and worry can lead to overthinking – which leads to more worry. Debt is an easy way to get stressed out, and this can be awful. When we are stressed out, we can become ignorant – because we feel that things don’t exist when we ignore them! This is a recipe for disaster. Ignoring debt only ensures it builds and leads to a bigger financial impact down the road. Debts can cause us to sink into periods of depression as well – they can seriously spark, or worsen mental health conditions. Our mental health also has an effect on our physical health, so if you are stressed out due to debt, you might be feeling it as well.

Debt is something that needs to be conquered, whether instantly, or over the course of a few years, you need to work on it. If you ignore your debts, they will build and hurt you! Fight your debts to stop the worry and do everything you can to shake them off for a better quality of life, and personal finance.


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