Tuesday, March 06, 2018

Why Debt Isn't As Scary As You Think

Have you known a bit of debt in your life? A good amount of people have; in the UK alone there’s about 9 million people in debt, and the national debt in America adds up to over one trillion. If you’re one of the lucky amongst us who has managed to pay everything you’ve accumulated off, make sure you’re passing on your tips to the rest of us who feel a little downtrodden. With that in mind, if you’re panicking about your financial future, read through this post to help yourself calm down. Debt doesn’t have to be as bad as you think. 


Companies Like to Scare You 

If you’re in debt, there’s a good chance you’re still living your life normally, working a good balance between a public and personal life. However, a lot of the time we don’t hear about these perfectly normal stories, and instead a horrific spin is put onto the experiences people have with debt that’s gotten out of control. 

A lot of the time people talk about these bad experiences because they need to be talked about, but let’s look at why they happen in the first place: Misinformation. It seems there’s a lot of badwill going around when it comes to the companies and the banks that give out loans; some of them like to threaten and intimidate. But the majority of businesses out there abide by the laws and are perfectly friendly, so the main thing is to do your research before choosing a lender. 

Paying Off Debt is Good for Credit!

Having a credit card on your side is often misrepresented as not being responsible with money. And yet, using something like mariner finance to help you fund your way towards anything you need help with, i.e. going on a good vacation to clear your head, is relatively risk free. All you’ll have to do is pay back the money you’ve used at the end of the borrowing period, and doing that in small but regular installments is going to push your score up and up. 

Similarly, there’s a lot of students out there who fear the day they graduate, and not just because their schedule is going to completely change. A lot of them fear the fact that they’re going to have to find a good job that can cover all of their living expenses, with some luxuries on the side, as well as pay back their student debt. And that’s not a job we see a lot of anymore. However, the debt lingers until you’re earning a certain amount each paycheck (and these vary from region to region), and simply having student debt won’t harm your credit score. 

Debt doesn’t have to be the be-all, end-all of situations to be in. You can do a lot with debt on your statement, and having something to show you’ve been through some of the best developmental milestones in the career world is going to impress both employers and lenders alike.

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