• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

HBCU Lifestyle – Black College Living

  • HBCU Colleges
    • What is an HBCU?
    • List of HBCUs
  • College Bound
    • HBCU Rankings
    • Black College Tours
    • College Scholarships
    • College Planning
  • College Life
    • Campus Life
    • HBCU Greek Life
  • Careers
    • Jobs
    • Career Exploration
You are here: Home / HBCU College Life / Campus Life / The Disastrous Consequences of Amassing Debt

The Disastrous Consequences of Amassing Debt

July 30, 2013 by Guest Author

The Disastrous Consequences of Amassing DebtThe figures are horrifying: The average household credit card debt in the US is around $15,000, the average mortgage debt is about $147, 900, and overall consumers owe over $11 trillion in debt. Every day, millions of people use credit cards as a financial crutch. Unable to pay for their purchases, they carry their balance over month to month and dig themselves deeper into the grips of debt. The biggest reason people continue to spend unconsciously is because they don’t understand the dire consequences of debt. Avoid becoming one of these statistics by taking immediate action.

Accrued Interest Charges

Do you know what ‘interest’ is? When you borrow any amount of money whether it’s in the form of credit, or a bank loan, or financing, the lender will give you an interest rate. This rate is the price you pay for borrowing the money so if you don’t repay the amount in full each month you will be charged the fee as a percentage of your total. Imagine how great it would be to use the amount you pay in interest each month for substantial purchases. The key to lowering or eliminating your interest fees is to pay off the balance each month (in full) or seek a credit card company which offers a lower monthly interest rate.

Creditor Harassment

As if you weren’t stressed out enough over making payments on your credit cards, the harassing phone calls from collectors can make you lose your cool. Studies have proven that the anxiety associated with financial arrears can have serious consequences to your health.

Difficulty Acquiring Additional Credit

Racking up loads of debt is troublesome in itself.  Say however, you need to purchase a car and need additional credit. Before a lender agrees to advance you money, they’ll take a look at your past financial history and if they see that you have massive amounts of debt they’ll most likely decline your request.

Relationships

There’s no doubt that debt can have a negative influence on your relationships. Whether it’s friction between family members, or constant disputes with a spouse regarding money matters, debt is a definite downer. Often times, one partner’s debt will cause the other partner to hold resentment, anger, and frustration in the relationship. They may feel like they’re paying the price for the other person’s carelessness or irresponsibility. It’s important to be upfront and honest with your partner about your finances before you enter into a legally binding relationship. Secrets destroy the cohesiveness and trust within a couple, so before it grows into a deceptive lie be upfront and communicate the financial areas.

Solutions

If you’re unable to handle your current financial situation, it may be time to speak to some professionals. Consolidation is one solution that many people overlook. Consolidated Credit is a trusted organisation which provides customers with counselling, management, and around the clock service to get back on the right track.

Although debt is a small word, it packs a big punch. Harvesting debt can put a strain on your relationships, lead to serious health issues, and prevent you from gaining credit for future purchases. Take control of your future today by organising your budgets and reducing your debt.

Campus Life, HBCU College Life, HBCU Colleges

Primary Sidebar

Search

Quick Links

  • Newsletter
  • Jobs and Internships
  • Shop
  • List of HBCU Colleges
  • Top 25 HBCUs in the Nation
  • HBCU College Tours
  • Contact Us
  • About Us

Popular Posts

  • Happy female college student working on research paper topics. Research Paper Topics: 50 Ideas to Get Started
  • A female African American HBCU student poses while smiling and holding her book in her arms. HBCU Rankings 2023: The Top 25 Black Colleges from U.S. News
  • HBCU Sororities and Fraternities to Consider The Divine Nine: Sororities and Fraternities on HBCU Campuses
  • How to pick the best fraternity or sorority...for YOU Greek Life: 5 Tips For Choosing Black Fraternities and Sororities
  • HBCUs with Nursing Degree Programs HBCU Nursing Programs Listed by State

Follow Us

  • LinkedIn
  • Twitter
  • YouTube

Before Footer

Follow Us

  • LinkedIn
  • Twitter
  • YouTube

Subscribe to our newsletter

Sign up to receive weekly HBCU news, jobs, and advice in your inbox.

Sign Me Up

Footer

About HBCU Lifestyle

The spirit and camaraderie of black college living is a lifestyle - the HBCU lifestyle! We're committed to keeping you connected to the black college living experience, bringing you the latest on everything, from scholarships and dorm living to Greek life and alumni giving.


Contact Us

Latest from the Blog

  • EcoCAR EV Challenge: Wilberforce and Ohio State Team Claims Top Spot
  • 2023 ABFF Film Festival: HBCU Marching Bands Documentary Selected
  • Youth Policy Lab Selects Spelman Students for U-M ASPIRE Summer Policy Research Experience
  • UPS Small Business Grant Launched to Help HBCU Designers Debut at New York Fashion Week
  • Newsletter
  • Jobs & Internships
  • Shop
  • List of HBCUs
  • HBCU Rankings
  • HBCU Scholarships
Copyright © 2010-2023 HBCU Lifestyle, LLC. All rights reserved.
Contact Us | Sitemap | Terms of Use | Privacy Policy
Get the best of the Black college experience delivered to your inbox.
Your email address:*
Name:*
Subscribe to (select all that apply):*





Please wait...
Please enter all required fields Click to hide
Correct invalid entries Click to hide
No spam, ever. Promise. Powered by FeedBlitz