Coping With Missed Opportunities Due to Debt
Serious debts don’t just create stress, strain, and empty bank accounts; they can have a very real impact on all areas of your life. Many examples can be found of missed opportunities due to debt whether they are business, personal, or social opportunities. Becoming debt free will make a significant difference to your life and to those around you.
Missed Employment OpportunitiesThe stress of debt is a very real factor when it comes to absenteeism in the workplace. Many people can become both mentally and physically sick due to the stress put on their health by debt worries. Depression is one of the main illnesses suffered by people with serious debts.
Although there should not be a stigma involved, many employers will not consider someone a good employee if they have taken a large amount of time off work due to sickness. Missed opportunities such as promotion within the workplace can be one of the knock on effects of debt.If you are irritable and stressed with colleagues during the day due to your debt worries then this again will be noticed, and many people have lost jobs or missed promotions due to their workplace persona.
Employers and Credit ReportsNew findings show that for some employers, references and a recent CV are not enough. Some employers will use credit checks to decide whether to hire or reject a candidate. This has become increasingly common in government jobs where finances are involved. Employers have said that they use credit checks to verify identity, but some have admitted that credit checks are used to assess a person’s credibility for a job. An employer does need the candidate’s permission to use a credit check, but saying no to the prospective employer will not be looked on favourably.
Missed Social OpportunitiesIf you are seriously struggling with money and your friends are aware of this then you may find that invitations to social gatherings decrease. Before you were in debt there may have been holidays abroad with friends and evenings out in expensive restaurants.
It’s not a nice thought that some friends will be less available if you if you cannot afford to keep up with their lifestyle, and it does not necessarily mean they are not good friends. It could simply be they know you are having a bad time financially and decide it is better not invite than to have you embarrassed by the situation.
Missed Business OpportunitiesIf you have a large amount of debt or have had serious debts in the past then this will not be looked on favourably by lenders if you are looking for financing to become self-employed. If you have a bad credit record and it includes bankruptcy then this will stay on your record for six years after you have been discharged. Lenders may take this as a sign that you are a bad credit risk, or they may offer you financing but with a much higher rate of interest.
Other Missed OpportunitiesThe list is long as far as missed opportunities due to debt is concerned. Many people will check your credit records such as banks, home shopping catalogues, mobile phone companies and prospective landlords who are considering letting a property to you. Bad debt has a serious effect not just on your present circumstance but on all future financial dealings. Having a bad credit record will mean that you may be turned down for something as simple as a bank account. Dealing with the situation now will be the first step towards taking back control of your financial life.
Missed opportunities due to debt are one of the sad consequences for people who find themselves trapped in the cycle of debt. One or two missed payments on a credit card can lead to a credit file that will put off future lenders who are considering you for loans or credit. If you are struggling with debt or are aware that you have a bad credit record it is in your best interests to seek financial advice as soon as possible. Dealing with bad debt is the best way to ensure that future opportunities do not pass you by.