More is Not Better: 5 Ways Debt Limits Your Life

With most things in life, more is better. More love, more career success, more time with family, more money. But when it comes to debt, less is definitely better. Sure, borrowing to invest in something that increases in value—like a house, revenue property or business—can be a good thing. But even then, it’s best to keep debt to a minimum because the higher the debt, the greater the risk to your family and future.

Here are some of the negative impacts that debt can have on your life:

1. Chains you to your job. Even if you hate your job, your debts probably make it impossible for you to quit. If you were to take a job you like better or start your own business, the initial reduction in income would put you behind on your bill payments.
2. Prevents you from retiring. If you’re carrying a lot of debt, chances are your retirement income won’t be enough to make the payments. So you keep working past 65—and even 70—just to keep your head above water.
3. Breaks your spirit. The weight of decades of debt can easily destroy your passion for living. You withdraw inside yourself, lose hope, avoid giving back to the community through charity and volunteering, and stop growing emotionally and spiritually.
4. Harms your health. Lying awake at night worrying about money and constantly being stressed about debt can lead to all sorts of health issues, including high blood pressure, heart problems and depression.
5. Diminishes your relationships. Issues around debt and money are one of the leading causes of arguments and divorce. Even if your marriage holds together, chances are your children will rarely see Mom or Dad because you’re working such long hours to pay the bills.

If you’d like to make 2017 the year you finally start reducing debt, we can offer plenty of helpful tips and strategies. Please give us a call today!

Kupina MortgageTeam  905.730.4782 – mark@kmortgage.ca