D
ebt is something that affects millions of people, and it's a hot topic for a reason. The financial impact of carrying debt can be enormous, but it's not the only thing to worry about. In fact, prolonged debt can have real and measurable effects on your retirement plans, relationships, and even your mental and physical health.
Let's start with retirement. If you're struggling to pay off your debts, it can be difficult to save for emergencies or your future retirement. And retirement plans depend on early and regular contributions to benefit from investment returns and compound interest.
For example, if you're dealing with overwhelming debt and couldn't contribute to your retirement for three years, you could be facing a total financial loss of roughly $86,000. It could potentially mean delaying retirement or reducing your annual retirement spending to ensure you won't outlive your savings.
Debt can also be a serious strain on relationships, especially when couples have different financial priorities or disagree on accumulating debt. Money can be a taboo and emotionally charged subject, so discussing finances can be difficult. Finger-pointing, judgment around spending, and uncertainty around how to move forward can all lead to breakdowns and even divorce.
The impact of debt goes beyond just financial strain. Chronic stress caused by recurring challenges with money and debt is becoming one of the leading causes of illness and mortality worldwide. Poor diets, sleepless nights, increased anxiety, and depression are all symptoms that can result from debt. And this can have dire impacts on your physical and mental health, propensity to self medicate, and overall wellbeing.
Navigating debt and financial difficulties can feel both isolating and overwhelming, but you don't have to deal with it alone. At MNP, a Licensed Insolvency Trustee can offer a Free Confidential Consultation to all Canadians who want to review their financial situation and discuss their options to deal with unmanageable debt. MNP also offers a range of DIY Debt Solutions on our website to help you take charge of your financial situation and find the path to the financial fresh start you need and deserve.
If you're struggling with debt, financial difficulties, or emotional challenges, remember that there are always options to help you recover in all areas of your financial, physical, and mental wellbeing. Take control of your finances and your life, and get the help you need to move forward towards a brighter future.
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