Excessive debt can impact your life in many ways, some of which you may be well aware of when you first take on that debt. Interest rates increase what you owe, monthly payments have to fit into your budget and failing to pay off your debt causes your credit score to drop.
It's wise to consider all of these things, but you need to look at the bigger picture. Here are a few things that former college students said excessive debt did in their lives:
- Many students were not able to buy homes when they wanted to do. Dealing with other debt meant they had to put off that purchase and continue renting or move back in with their parents.
- Some students even had to put off marriage because of their debt. Modern weddings are not cheap, and couples who were otherwise ready to tie the knot just did not find it financially feasible.
- Couples who wanted children also said they sometimes put it off so that they could pay off their debt first. Even with insurance, having children can cost thousands of dollars in hospital bills alone, and that's not even considering how much it costs to take care of and raise a child for years on end.
- Students said that debt forced them to take jobs they did not want -- jobs that were not even in their field of study -- just to secure an income.
- Some students also added that debt forced them to have multiple jobs or to work more hours than they would have preferred.
As you can see, excessive debt can change the entire course of your life, and so you need to know all of the debt relief options you have.
Source: Time, "Why the Student Loan Crisis Is Even Worse Than People Think," Mark Kantrowitz, accessed May 04, 2018