How is Your Debt Holding You Back?

by Kevin on October 9, 2012

I started this blog to help readers like you get and stay out of debt. Being in debt is a big deal that has been somewhat trivialized in our country. Owing other parties thousands upon thousands of dollars isn’t something you should take lightly, and not just for financial reasons.

Being in debt simply holds you back… or it should if it isn’t. There are certain things you shouldn’t do when you’re up to your eyeballs in debt. Your time, effort, and energy should be focused on reducing your debt, eliminating another payment you have to make each month, and finally getting back normal. (Being in debt is like having a penalty on offense during a football game. Just when you start your drive, or in the middle of the drive, you face a big setback. Don’t fall for it!)

3 Ways Your Debt is Holding You Back

Don’t think debt is holding you back? Here are a few things you might find in your own life.

Avoiding Career Moves

Taking on a new career risk can be a great thing that accelerates your move to the top of your field. It can also blow up in your face and leave you starting over in your career and financially.

If you’re in debt you probably aren’t very comfortable about making drastic career moves. The company across town notices your work or gets a recommendation on you; they want to do an interview.

But you can’t leave your permanent job, can you? What if the new company doesn’t work out? Forget it being more money, closer to home, and a better environment, the risk of losing your income compared to your comfortable job is too much so you stay put.

Holding Off On Your Passions

Living your life for your passions and interests is a much better way to go than living scared, bored, and unable to branch out.

But debt will keep you in the latter camp if you’re not careful.

Want to open a bakery? Sorry, debt is too much of a risk. Better hold off.

Want to travel the world? Not going to happen for another… 14.2 years while you pay off that pile of credit card debt.

The saddest part is when we finally pay off our debts we end up being too old to enjoy some of the passions we have.

Limits Your Impact on Community

It is difficult to have any positive impact on your community when you are busy working to pay off your debts.

Granted, I give you props for working hard or picking up a 2nd or 3rd job in order to pay off your debts. That’s good.

But it means you are missing out on helping out at the kid’s picnic, keeping score at the baseball game, or just spending quality time invested in your friends.

Fix This: Don’t Let Debt Hold You Back

Debt is so bad but taken so lightly in our society is is sickening. Debt holds you back from upward career mobility, from your dreams, and from being an important piece of your local community.

Don’t let debt just happen to you. Don’t let debt hold you back from your dreams. Do something about it. Pay it off. Get a plan. Get another job. Work longer hours. Stop spending every cent you earn and then borrowing a few more. Fix the spending problem in your life, then fix the income problem. Then get back to being yourself in every sense of the word.

{ 1 comment }

Michelle October 9, 2012 at 7:17 am

Debt is holding me back from saving more for retirement. But my student loans will be gone by early next year so I am happy with that!

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