The Emotional Toll of Insurmountable Debt

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I launched FinanceSuperhero in April 2016 to help others save money, get out of debt, earn more money, and live the best life possible. Send me an e-mail or a comment if I can help you in your journey. Thanks for reading!

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4 Responses

  1. Anxiety is definitely something that a lot of people dealing with debt have to work through. When I was deep in student loan debt, I had a ton of anxiety because it required me to maintain a certain level of income in order to live the way I wanted to live. It’s part of the reason I went all out and paid my students loans off as fast as possible. The anxiety really lifts off your shoulders once you have that debt gone.

    • Barbara Delinsky says:

      Yeah! you got it right Financial Partner. It’s always best to make as much larger payments as you can. The faster you get rid of your debt, the better you’d be, both financially and emotionally.

  2. In a previous, pre-Mustacian life, as a result of trying to live a Champagne lifestyle on a beer budget, I found myself living in constant debt. I ended up pretty much living off the bank overdraft and each fortnight when I got paid, my pay would repay the OD back to $0 and the cycle would start all over again.

    This constant living on borrowed money, as well as realising that you don’t any spare cash for fun stuff, or even a few beers, wears you down after a while. I’d say that I experienced all of the emotional roller-coaster ride you describe in your post, as a consequence.

    Eventually, I wised up and did something about it, paid off the OD, cancelled it, and have never been back there since.

    I can therefore, attest to the fact that having enough money to live on is far better than not.

    Whether you are a high earner or not, it’s all about living the lifestyle to suit your budget, and making regular savings no matter how small. And you’ll save yourself a whole lot of emotional pain as a result.

    • Barbara Delinsky says:

      It’s not only you Martin. Many youngsters get trapped into debt cage in this way. The fact is that, It’s not about living life kingsize. It’s about living life comfortable, enjoying beautiful moments with your family and saving money. I feel you can have wine and have great vacations even with moderate income. All you need to do is little planning.

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