Credit card debt is bad debt. That
seems obvious, but there are types of debt that can be good. Home mortgages,
business loans, even education loans can provide good returns over long
periods. That is what makes them good. Most credit card purchases are for
luxury, or at least discretionary items that we could do without. Of course,
emergencies arise in life sometimes. If your car breaks down in the middle
of nowhere and you have no means to pay for repairs save your credit card,
what else are you to do? That does not make it a "good" debt, however. It is
simply a good reason to go into bad debt.
The worst thing about bad debts like credit card debt is the stress that it
causes. The interest paid on credit card debt is very high and just paying
the minimum required payment barely makes a dent in the principle of the
balance. That means that it takes a long time to pay off, and your stress
lasts for much longer.
On a daily basis, the amount of stress is probably less for single people
living alone. No one else is affected by the debt, and no one else is
accountable. That lessens the amount of daily stress, but it also likely
lessens the motivation for getting out of debt. If this is your situation,
be aware of that. Envision a day when you are financially free and you are
building positive net worth. Stay focused on your future and commit to
improving your present.
The question of how much stress credit card debt adds to a marriage is a
tricky one to answer. The amount of scientific research relating money
issues to divorce is limited, but the studies I have found do not seem to
indicate a direct correlation. People simply do not say, "Well, this debt is
too much, I want a divorce!" Nevertheless, there can be no doubt that
financial problems, including credit card debt, are a stress-causing factor
in relationships. Even a strong relationship can be tested by things like
this, if the situation is serious enough. The fact is that money is not the
primary issue in a troubled relationship, and it should not be a continually
sticky point in a healthy relationship. Work together to eliminate credit
card debt, encourage each other, and never look to blame the other for money
problems. Approached the right way, as a team, a couple or a family may be
better equipped to quickly deal with these financial woes than someone on
their own is.
Whether you are single, in a couple, or part of a large family, credit card
debt is a detriment to your future. Living with it causes stress now, in the
present. Knowing that your debt problems will extend into the future adds
more stress. Not knowing when or if you will ever be free of credit card
debt adds even more stress. If you find yourself currently saddled with a
great deal of debt, eliminate the "not knowing" part of your equation. Set a
date by which you will be debt free. Get help and encouragement from friends
and loved ones. Create small goals within the scope of your larger goal, and
commit every day to meeting them. You will find that by looking at your
financial issues as challenges, the stress will decline, and it will be
easier to deal with. You will be free of your credit card debt much sooner
than you think. Won't that feel good?
By Michael Rasco created
WarOnCreditCardDebt.com to help others attain victory over
debt, and control over their lives. This information is based on his
research and lengthy personal experience with the burden of
credit
card debt.
