My Opinion Counts

Dont' let debt make you depressed.That is an excuse I have heard many times as people complain about why they got into debt. I don't believe that excuse since finding an informative website that has so much information about debt.

The vicious circle of debt is described in an article at the Thriftyscot.co.uk website. This insightful article talks about how people think that stress causes people to turn to debt but studies have shown that in reality, emotional problems are caused more by stress and loneliness. Entitled,Debt May Not Be Responsible for Emotional Trauma, this article has changed the way I think about debt and it's causes. Debt may be depressing but something caused that depression and then the debt was taken on to try to heal the wound. I think this article should be taught in consumer classes in high school along with how to balance a check book.

I had never heard the term Debt-A-Holic until reading the article, Debtaholics Find Insane Reasons to Borrow. I was shocked to learn that people are getting loans to pay for plastic surgery!

The amount of people who have debt is increasing. Don't allow yourself to get swallowed up in debt but maintain a managable amount of debt. Many people are being duped into thinking a big house and fancy car make them successful. They buy a house they cannot afford and often wind up losing their home. Thrifty Scot has numerous articles that can help you understand debt and avoid the pitfalls of too much debt. If you see that you are already having financial difficulties, you might find that an IVA is in your best interest. An IVA stands for Individual Voluntary Arrangement, and this is a binding contract made between the borrower and his or her creditors with regards to repayment of a debt. When they were introduced IVAs were seen as an effective alternative to bankruptcy.

Thrifty Scot has a lot of good advice. Let them help you.

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