Learn How the Effects of Debt Can Ruin Your Quality of Life
Why is it that we all tell stories of how we got into debt, but very rarely do we get to tell the story of how we kicked debt’s butt?
The answer is simple: because the majority of us are still actually struggling with paying off outstanding unsecured loans like payday loans, installment loans, and credit card debt, which can be never-ending if not dealt with correctly. It turns out that the only story to tell is how we accumulated so much stress from the actions we took without considering the consequences.
The Reality of Struggling with Debt
What if I told you that you can start telling a different story and that there is a way to beat debt at its own game, through debt settlement?
95% of debt sufferers have the same symptoms, the other 5% just don’t care about their credit or financial status, but the ugly truth of this reality is that for those people who do care, debt can seriously ruin their quality of life.
The Symptoms of Debt
The symptoms of debt are: depression, worry, guilt, stress, a feeling of being overwhelmed, and a feeling of lack and frustration. All of which can drastically decrease the quality of life and may cause a whole list of health issues. Once you are experiencing the symptoms of having outstanding debt, it is truly hard to bounce back, and take control of the situation. Debt always seems to win, and at this point you may want to just give up.
Ignoring the Consequences of Borrowing Money
No one ever says, “Here, take out this payday loan or sign up for this credit card, but beware of the symptoms and repercussions that this action may have on your life and your family’s life in the future for years and years to come.”
Let’s be real here: most people do not read all of the fine print and terms, understand them fully, and agree to the conditions with the utmost confidence. If anything, it is more of a passive agreement, where the borrower just skims over the fine print and checks the “I Agree” box because the reason why they need the money at the time outweighs the negative impact it will have on their finances and life as a whole.
The Cycle of Debt and Desperation
Taking out a payday loan is like when those big pharma ads offer you the solution to your unbearable ailment by taking a pill to help control or manage one illness, but that pill may in turn cause a whole plethora of other symptoms. The outcome is always that you have to take more pills to relieve all the new symptoms. Loans are very similar because once you take out one loan, and realize you cannot pay it back, you have to take out another loan to help and so on and so forth, the struggle continues and the loans and symptoms keep on piling up.
The question one might ask themselves while deciding to take that magic pill or, in this case; a new loan, may be something like, is the risk greater than the reward?
The big question that you should be asking yourself when it comes to debt is, what is the value of your well-being?
The Reality of Taking Out a Loan
At the moment of obtaining a new loan, you may have just been looking for emergency funds to provide a quick solution, a momentary fulfillment of a desire, or simply yearning for that thing or experience—like a new trip overseas, some fancy furniture, or maybe even a new wardrobe.
Whatever the case, you know that this loan comes with consequences. Yet, we often tend to overlook the heavy fees, high-interest rates, and monthly payments that can break the bank. We are all guilty of this.
Where Things Go Wrong
Here’s where it gets messed up:
We don’t see the hidden fees, the increasing interest rates, and the late fees on the high monthly payback rates. At the time of taking out the loan, we don’t consider future uncertainties like changes in employment, financial hardships, or unexpected emergencies.
Or, do we see it, and we just disregard it out of desperation and do it anyway?
The Cycle of Debt
You got the loan you needed so badly. You thought you could manage it, but you couldn’t. Missed payments led to more fees, late penalties, and mounting debt. Now your loans are severely past due or already with collections.
The reality sets in, bringing symptoms of regret, frustration, stress, resentment, guilt, and suffering. Your well-being pays the price for the decisions you made.
The one thing you have in common with every other person in debt is this: you spent money you didn’t actually have. Now you’re stuck in a cycle that seems never-ending.
Common “Solutions” That Don’t Work
So, what is the next pill you can take to mask these new symptoms over time caused by debt?
Most will get desperate again and seek out another loan and they end up with quite a few and carry a huge burden to pay them back now.
Well, let’s see, you can try debt consolidation, but that just adds more risk of still not being able to meet the extremely high monthly payments, and all of the fees that may accumulate should you not be able to make that payment on time. Not to mention, the stress of working overtime trying to make ends meet and to provide for you and your family.
The Cure to Debt
Why does no one ever speak of the cure?
There is only one real way to do this, to get rid of debt and to actually beat it at its own game.
There is no quick fix when it comes to handling debt, however, there is a faster and smarter way to handle it and curing it for good, and that is through a reputable debt settlement company.
Why Debt Settlement Works
If you’re behind on payments, debt settlement is the best option for three main reasons:
- Pay Less Than You Owe: Instead of paying thousands more than you owe, debt settlement allows you to resolve the debt for a fraction of the amount.
- Stop Collection Harassment: Debt settlement stops collectors from contacting you and halts the accumulation of interest and fees.
- Shorten the Repayment Period: It reduces the repayment timeline while ensuring affordable monthly payments.
Debt settlement is ideal for those who:
- Are behind on payments.
- Struggle with unsecured debt.
- Can no longer manage high-interest loans or mounting fees.
It’s less effective for those with secured debt or who can comfortably make payments above the minimum due.
Debt settlement can make a huge difference. For example, if you owe $5,000, a settlement program might allow you to pay as little as 30% of the balance—just $1,500. That’s a $3,500 savings.
How Debt Settlement Works
- Stop Monthly Payments: Debt settlement starts by halting your monthly drafts to prevent further harassment from collection agencies.
- Create a Payment Plan: The settlement company collects information about your lenders and balances. They then set up a repayment plan that suits you.
- Negotiate With Lenders: While you make agreed monthly payments into an escrow account, the company negotiates with lenders to reduce your balance.
- Pay Off Debts: Once enough funds are in escrow, they settle one debt at a time.
You continue this process until all the accumulated debts you have are paid off and you are finally debt-free!
Added Protection
Companies like Encompass Recovery Group offer discounted legal protection plans in case a lender files a lawsuit. Having this insurance in place is far better than scrambling to find legal help after the fact.
Take Control of Your Debt
Debt settlement focuses on offense rather than defense, putting you in control. It’s the smartest, fastest way to regain financial freedom.
Imagine telling your story of how you defeated debt and improved your quality of life. If you’re ready to take the first step, contact a trusted debt settlement company today. Start feeling confident, stress-free, and cure those debt symptoms for good! Contact Encompass Recovery Group today!