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Have you calculated the total cost of your debt?

On Behalf of | Apr 22, 2022 | Bankruptcy

Getting into debt is typically easier than getting out of it. Lenders design it that way. For all the regulations requiring lenders to be more transparent, making sense of how much you will have to pay back if you borrow money can be tough.

Even if you have the financial skills to understand what you are doing, you cannot predict the future. Look at all the homeowners who took out mortgages they were sure they could pay, only to hit trouble when interest rates surged, they lost their job or fell into ill health. There will always be things outside your control that could make it impossible to pay back the money you borrowed.

Money is not the only issue when in debt

Money worries can affect your whole life. For instance, worrying about how you will pay the mortgage each month can cause you so much stress that you cannot sleep at night.

The lack of sleep might mean you do not perform at work, and after several mistakes, your boss might let you go. Losing your income could put you on the verge of losing your house.

This might lead to money arguments with your spouse. One survey of divorcing couples found that these were the second most prevalent factor contributing to divorce.

Your teenage child may then find being in the house increasingly stressful due to the changed atmosphere. They might start using alcohol and drugs to escape the situation.

All this because you took advantage of the credit lenders encouraged you to take.

It does not have to end this way. If you act now and find out more about bankruptcy, you may be able to halt the downward spiral that debt so often causes.

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