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Consequences of heavy debt (first posted 2/12/21)

This is a continuation of my post from two weeks ago. I didn’t then have the space to write about heavy debt (actually, any debt). Today, I have room.

Lest you think I’m Mr. Perfect, you should know that when Kathy & I got married, my credit was so bad that I couldn’t get a Sears charge card. Sears was then giving cards to just about anyone who could create a fog by breathing on a mirror. It took quite a while, plus learning God’s principles, to get things under control.

Kathy & I had seen the devastation that debt created in many marriages around us and didn’t want to be a statistic. So when we saw the opportunity, we learned God’s principles and implemented them.
During the 15th year of our marriage, we paid off our house, which was the only real debt we had left.

So, the first consequence of heavy debt is the damage it does to marriages. Debt is often cited as the most significant contributor to divorce in this country. As a budget coach, I’ve seen it in couples who came to us for counsel.

The following consequence I would list is health. When debt ties someone down, it affects their health. Stress levels can go through the roof. Some studies show that money stress can shorten your life.

Heavy debt will also affect where you can live and could get you evicted or even force you into bankruptcy. And if you are behind on payments, are you ready to get a memo from your payroll department about your wages being garnished to make your payments?

The final consequence that I’ll cover is possible suicide. 1 Timothy 6:10 tells us that the love of money is a bad thing. It says that some, by loving money, have wandered away from the faith and pierced themselves with many arrows. Is all that worth it? I think not.

Again, think many times over before signing on the dotted line for that easy debt, whether it’s for college or for anything else.

Thanks for reading.

#CollegeChoice, #CollegeDebt, #CollegeLoans, #saynotocollegedebt, #JosephSlife, Source: Sound Mind Investing newsletter, May 29, 2019, “Is College Worth It” by Joseph Slife

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