Overwhelming debt is a very emotional topic. Search the Internet or talk to your family and friends and you’ll quickly find that they have a variety of opinions about borrowing money, paying it back, and how to avoid trouble. The truth is that most people find themselves needing to borrow money at some point in their lives and a lot of them find themselves regretting that decision later. This course is about what you can do if you find yourself in trouble after borrowing money.

Reasons You May Be In Debt

There are many reasons you may find yourself in overwhelming debt including:

• You didn’t understand how to use credit cards wisely when you were younger
• You had an emergency, such as an unforeseen medical issue or expensive home repair, and no other way to pay for it
• You thought you could handle the payments, but it turned out to be harder than you thought

If you’re in trouble, though, don’t spend too much time analyzing the reason. Instead, take some time to write down the reasons you need to act now to dig out of debt.

Reasons You May Want To Dig Out Of Debt

There are many reasons you might want to reduce debt including:

• You feel overwhelmed by the cost of the payments
• You feel overwhelmed by the number of bills
• You regret making past mistakes

No matter the reason, though, overwhelming debt takes a toll on your mental health by causing extreme anxiety and stress. Digging out of debt may not be easy, but the peace you’ll feel after becoming debt free is worth the effort. In the next few lessons, you’ll learn how you can dig yourself out of debt, or how to get help if you need it.