(ThyBlackMan.com) This is an issue that isn’t often discussed, possibly because many people are aware that the news isn’t good. The basic problem here is that we often assume that getting out of debt is the end of the battle, when it isn’t. You might fight and claw your way free from debt, and you should certainly consider that an accomplishment. Particularly when over seventy percent of people will actually die in the debt that they have accumulated. But what happens when you do escape your debt.
Back To Square One?
The likelihood is that yes, after you escape your debt you will be back to square one in life. That means that you might be forty and be back to where you were when you were twenty. There’s no way to positively spin this. You might have had to sell your car, your home, and a number of other assets that you have built up over the years. If it took you a while to pay off your debt, you might find that you actually have very little left which we will admit, isn’t the best position to be in.
However, at the same time, it is also incredibly freeing. You can start over and find a new path in life, but this is always going to be a struggle. Particularly if you have a family that depends on you. Still, when you do shake off that debt it will be like an immense weight has lifted off you.
What About Your Career?
There will be jobs that you just won’t be able to get if you’ve been in debt. Anything related to upper finance will be off the table so if this is where you have your qualifications, you might find that you need to go back to college to earn a fresh degree. Or, just get started in a new industry. While there isn’t a guarantee that you won’t be able to get a job that involves handling money, it is certainly a possibility.
You have to remember that employers are able to view your financial history as well as your career history. If they see any red flags, then they can choose not to hire you and instead opt for the safer option. It all depends on how deep the employer wants to go into your past.
Will You Be Able To Borrow?
The good news is that even after you have experienced debt, you will still be able to borrow. You might wonder why on earth we’re talking about borrowing if someone has dealt with debt. But borrowing is just a part of life and society. There are various financial purchases that are so large you’ll have no choice but to borrow. Perhaps you’re hoping to get back on the property market. If that’s the case, then you will definitely have to submit to the possibility of borrowing a large some of money. There’s just no way around that.
You’ll still be able to borrow even after debt because of bad credit loans. When you have experienced debt, your credit score will have been through the ringer. You can build your score back up, but the history of what’s happened will still be there for everyone to see. It can make big lenders like banks nervous, but there are always other loaners and lenders who can help you out in this situation, making sure you can get the loan you need to get back on your feet.
Will You Be Trusted Again?
Being someone who has experienced debt isn’t like being a leper, but it sure can feel like it. While no one should be able to tell that you have suffered debt, many people can often guess. You might be back living with your parents, or perhaps you sold your fancy car. These are all signs that someone has gone through money struggles. But you won’t be outcast from society particularly if you get back on your feet. You will, however, find out who your true friends are. Some people will turn away from you after you have dealt with debt. Others will stand by you before and after you get back on your feet. So, yes, people will still trust you and those who don’t, you can live without.
Is It An Opportunity?
Getting out of debt isn’t just a fresh start, it can also be a wonderful opportunity. Many people have made a living telling people how they escaped debt, offering key advice and providing insight into the situation. You should consider doing the same and turning a hardship into a fantastic possibility.
Staff Writer; Joseph Carter