If debt were a disease, it would have been declared a pandemic by now.
I’m talking about consumer debt, which excludes mortgages, here.
Modern society is consumed by debt.
It’s now considered normal to have some level of debt.
A third of people in the UK borrow money to buy a car.
And many people borrow money to go on holiday or pay off other debts.
Having a credit card, overdraft or loan are now part of everyday life. The issue is that levels of debt are spiralling. People neglect to tackle their debts until they are large. When they feel out of control. And feeling pretty shit.
Debt results in emotional clutter. Unless you have some amazing ability to forget about things, it’s usually always on your mind. It stops you from living the life you want. As you’re still paying for your past life.
Debt can cause anxiety. Studies have shown that high levels of debt are associated with anxiety. It can also cause issues in relationships. Money issues, including debt, is one of the main issues for couples in relationships. There’s even a new STD – sexually transmitted debt. You’re unlikely to have an emergency fund when you’re in debt. So you won’t have any buffer against unexpected events.
The coronavirus pandemic is an example of such an event. And a reminder of the importance of being in control of your money. Not it in control of you.
If you want to unleash your money badass and detonate your debt, then download my e-book.