Why Debt Sucks

               I think one of the worst things about debt is that it eliminates options.  Think about how many people are involved in jobs that they really do not like because they earn a lot of money and need their income to make payments on their debts.  Don't get me wrong, there is nothing wrong with making a lot of money.  Making a lot of money and enjoying your profession is an amazing combination that is reserved for a very few people.  Unfortunately, I believe that there are more people who feel like they are stuck in a job (whether it be high paying or minimum wage) so that they can continue to make payments to service their debt.

                Think about the options that NOT having debt allows.  I have taken just a few minutes and I am able to come up with a laundry list of things one might be able to do if their income is not being eaten up every month by debt:

1.  Contribute to your favorite charity or church;
2.  Decide to retire young;
3.  Travel;
4.  Opt to stay home with your children while they are young;
5.  Opt to stay home to take care of an elderly or sick relative;
6.  Take a leave of absence from your career;
7.  Leave your current job to take another job if you are unhappy;
8.  Leave your current job to open your own company if you are unhappy;
9.  Allow yourself to take your time in finding the right job instead of just any job if you get laid off;
10.  Decide how you will allow yourself to be treated (i.e., not working for someone who is unkind, belittles you or for whom you simply do not want to work);
11.  Allows you to save up an emergency fund that will provide peace of mind to you and your family that if an emergency, job loss or illness happens that you have a safety net;
12.  Decide to switch careers if you don't like the one you selected initially since you are not burdened with student loan payments;
13.  Allows you to decline working with clients/customers who are unrealistic, overly demanding and/or unkind because you don't need that income to service your debts;
14.  Allows you to aid family members, friends or strangers financially if you wish;
15.  Allows you to spend more time with family members instead of spending every spare minute at work.

              I am not saying that having money (lack of debt) is the same thing as happiness.  There have been many, many people who had no debt and all kinds of money who weren't happy.  However, I don't think anyone can dispute that if you don't have debt (or at least don't have much debt) that you are able to spend your time, which is one of life's most precious commodities, living your best life instead of suck in a circle of working to make payments.

              As an attorney who assists people in filing bankruptcy petitions, I can see the stress that debt puts on people.  My goal is to not only help them to eliminate their debt through debt settlement or bankruptcy, but also to help show them how to move forward after bankruptcy in a way that will not cause them to end up right back in the same financial place that brought them to my office.  If you had to make a list of what options not having debt would allow you what would you add to my list?  Post it in the comments section.

            If you are stressed about your debt and believe bankruptcy may be an option for you please call Halcomb Singler, LLP, at (317) 575-8222 and I will be happy to set you an appointment to answer your questions, give you suggestions and lay out your options.

Halcomb Singler, LLP, is a debt relief agency.  It helps people file for bankruptcy under the bankruptcy code.  No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so.  The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.