What’s Really Scary?

The 7 Scary

Things About

Debt

There are monsters, ghosts, goblins and all the paranormal creatures that apparently scare us. These are the creatures that live under our beds and become the characters in our nightmares.

Do they really exist or they’re just only an effect of our creative imagination?

Meanwhile, there are things that we really need to be scared of. In fact, these things can inflict harm both in the physical and emotional state of our lives.

One of which is debt, but we face debt as if it’s harmless. You know what, debt is like a wolf in sheep’s clothing, just waiting for the perfect opportunity to pounce us down.

We’ve already tackled how to survive from “Zombie” debts and this Halloween season, we’ll discuss yet another 7 scariest things about debt. Believe me, it’s spine-chilling.

Years of Slavery

A famous man once said that: “It is the debtor that is ruined by hard times.”

Indeed, I agree with Mr. Rutherford Hayes, and believe or not, most of us are debt slaves. Reports from the Federal Reserve and other government data show that the average American household owes $7,327 on credit cards alone. In fact, they also have to pay on mortgage and students loans too.

Consequently, the “Land of the free” is not really free at all. It is conquered by the shadow of debt that cripples every American family.

Well, that is really scary.

Broken Dreams

Proper education is the easiest road to our dreams, but now, student loans are putting the next generation into a decade of indebtedness before they can work as professionals.

According to the new report from credit bureau Experian, 40 million Americans have at least one outstanding student loan.

Further, the average principal balance increase from $23,000 to $29,000 and unlike other debts, a student can’t file for bankruptcy, this means that their debts cannot be forgiven.

College education cost has been rising over the past years. The dream of graduating with a degree, having a nice job, your own house and your own car is slowly broken down by the infestation of debt. Consequently, the foundation of a great American future is at risk because of these broken dreams.

Losing your Mind

The Royal College of Psychiatrists reported that one in two adults with debts has a mental health problem. Further, one in four people with mental illness is also in debts.Sounds horrific, but here’s a more horrible part, indebtedness can push someone’s physical and mental limits that it can lead to a serious mental illness. Hence, debt is something that can make you lose your rational mind.

The pressure from your creditors and the stain in your reputation if you have unpaid debts make matters worse. Creditors don’t care about how you feel, they can put inappropriate and tactful techniques just to make you pay off.

Seek the help of certified debt consultants. They can explain to you some debt relief programs undeniably, they’re the people you really need the most.

The Big Bad Credit Score Effect

Honestly, credit scores are just a presumption based on your current payment history on how you’ll pay off the loan that you’re applying for, but it’s not really just numbers. A big bad credit score will affect you in every single way you can think of.

If you happen to have a bad credit score most likely people will not trust you with money. It’s like you have a tattoo on your forehead saying “I’m not a good payer”. It will definitely hurt you when you’re applying for insurances, rentals, utilities and even getting a job both from the public and private sectors.

Consequently, it will also affect your personal relationship with others. Don’t be an outcast on the financial world. Fix your bad credit score as soon as possible!

Compounded Interest Rates

The power of compound interest can make you rich or can make you sink into poverty. It’s the business secret of credit card companies, that’s why until now, you’re still paying them around nine times on what appears to cost you.

For example, an average credit card balance let’s say is around $5,000 with 22% annual interest rate compounded monthly, it can reach up to $44,235 in the next 10 years. Not to mention all the hidden charges and late payment penalties.

The Collectors

Even if the Fair Debt Collection Practices Act (FDCPA) protects the debtor’s from abuse and harassment of collectors, still, the presence and the voice of debt collectors give goosebumps. Most often than not, debt collectors violate the federal law by harassing debtors through threatening phone calls and emails.

Collectors may sometimes not honor that you’ve filed a dispute against your debts. They will continue to call you every day even in inappropriate times.

Debt Collectors are everywhere. They can hunt you down in every possible way you can ever imagine. Well, debt collecting is their expertise and assuredly, they will persuade you to pay off.

Endless Payments

We all know that the United States is built upon debts partnered with productivity. Good debt is the building block of this great nation.

On the other hand, Americans nowadays are cursed with endless payments of their debts. Hundreds or maybe thousands of loans are left unpaid every day, but still the cycle of debt continues to flourish all throughout our country. Payments upon payments make the lending industry a profitable venture.

Further, the limitless possibilities of the American dream are being confounded into a wall of indebtedness.

Assuredly, if you want to stop the endless process of debt

payment, why not try to enroll in a debt settlement program and seek help from certified debt consultants.

It is the debtor that is ruined

by hard times.

- Rutherford Hayes

“”

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