When this site was young, U.S. Armed Services disclosed that a significant number of service personnel could not be deployed overseas because they had too much debt.
The military said that excessive debt both distracts from job performance and makes the G.I. vulnerable to corruption.
It’s the same for the rest of us and it’s the same today.
Dealing with debt
Civilians buried in bills try, to their credit, to soldier on, reluctant to recognize that they can’t ever pay off the amount they owe.
They fret about their credit score, when their balance sheet and their emergency funds are more important.
They would do well to recognize, as the armed services do, that debt is debilitating. It impacts families. It sucks energy, optimism, and focus from the person who owes more than they can comfortably pay.
Long terms needs squeezed out
Too many bills stands between the consumer and the savings necessary to meet the unexpected. Without a reserve, an emergency too often triggers more borrowing. And the terms on more credit in the face of an emergency are wretched.
Old age isn’t unexpected, yet too few are making provisions now for the entirely predictable old age. Life expectancy is increasing while retirement savings are stagnant.
Take your life back
The law has a remedy for too much debt in the form of bankruptcy.
The need for a fresh start was recognized by the Founding Fathers long before consumer credit was a thing. The Constitution empowered Congress to make uniform bankruptcy laws for the whole country.
The bankruptcy discharge is legal, effective, and empowering.
Consider gettng a fresh start if debt is interfering with your life.
