Debt can be a huge downer, and for those people that have too much debt that they can’t see how they’ll get out of it may feel like there is no hope. They may have resigned to staying in a dumpy apartment because they can’t get approved for a good apartment and they definitely don’t have the money or means to buy a home.
Debt doesn’t just affect how you live but it also can affect your ability to go to the doctor, pay your bills, get a good job, and many other things. If you’re feeling let debt has control over every single move you make in life, there are things that you can do to take back control.
Dealing With Debt Collectors
Debt collectors could be one of the most stressful things about being in debt. They might not show up on your doorstep looking for your money, but they can be a nuisance when they are continually calling you all hours of the day. If they’re calling you on your work phone they could be breaking the law, it’s important that you look into your rights with this.
You can ask them not to call you or have their numbers added to your block list or a “do not call” list. You could also just save their number with something that says “do not answer” if you’re tired of the calls coming in at dinner. If they try to force you to give them credit or bank info or get pushy telling you to borrow money from other people, it can be stressful (and often lead to yelling).
If someone you’re in debt to takes you to court you could find yourself paying even when you don’t want to be because they could go after your paychecks and even your tax refunds. There isn’t anything you can do about wage garnishments if they’ve been OK’d by the court system. Luckily, that money will come out pre-taxes.
Keeping You From Purchases
Debt can make it so you can’t buy a house, can’t get a loan for even a used car, and could even cause a freeze on your bank account and other assets. This can be devastating and could completely ruin your livelihood.
Debt can lead to homelessness. It could keep you from having a vehicle that can get you to work too.
How To Start Paying It Off
If you want control over your money and your life again, you need to start working on paying off your debt. It can be a long process, depending on how much money you owe. Start slow, pay off loans and credit cards and then work on any debts that are clouding up your credit report.