The Effects of Debt on Our Lives

The quality of life is highly affected by the choices we make on a daily basis, especially when it comes to handling money. As a touchy subject, money is the running force of most of the daily activities that people carry out, from what you eat to where you sleep and what you wear, it all comes down to how much money a person is willing or able to spend. Managing finances is key in ensuring that the amount of money spent does not exceed the sum that an individual possess and  in so doing there is avoidance of accumulation of debt. Although when there is already an existing debt, the effects may last longer than intended and can adversely affect the outcome and quality of your life in general.

As a student, college debt remains part of the process of learning, with various needs such as books, tuition fees, and even the cost of leaving day to day, there is always the temptation of taking out more money that needed which most students act on impulsively. Lack of experience with handling money results in mismanagement of the borrowed funds through purchasing unnecessary items and even luxury escapades and outings with fellow college mates. As a victim of college debt due to such careless spending and unnecessary borrowing, I have seen the full effect of having such a massive debt on my shoulder, years after college. The college debt I acquired made it hard for me to even further my studies in graduate school as I am unable to take up another loan having not even completed the payments of the previous one. If I had worked out a proper plan on how I borrowed and spent the money, ensuring that all that I purchase I need and that it is not impulsive I would have had a less debt to pay and furthered my education in graduate school. Moving into my home has proved to be a challenge since finishing college as I am unable to pay the debt that I have in school and also pay rent. The effect of living at home with my parents even after finishing college is that I feel like an underachiever when in real since I just made the wrong moves in the management of my college funds thus affecting even my living standards and freedom.

College debts are so stubborn as there is nothing that you can do to make it go away other than pay for it. Unlike other payments like car payments where you a can return the car, student loans you have to pay whether or not you used the money in school or on not. Looking for a job while having a college debt has made many employers turn me down as they view the debt as a sign of my incompetence and untrustworthiness. College debt is very costly later on in life as it may even cost me my dream life, as the main goal and focus have to remain on finishing the loan acquired. In the efforts to pay the loan I end up looking at the job that offers me more money than actual fulfillment leading to such a depreciated quality of life. If I were to go back in time and change how I used and borrowed the college funds, I would, but since it is not possible, I endeavor to complete the payments and hopefully regain the power to make better decisions when it comes to managing my future finances.

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