Post-Debt Challenges You’ll Need to Overcome

When you’re in debt, your main focus is always trying to climb out of it. However, you will have to work hard to stay in the good position you’ve put yourself in because there are plenty of other challenges coming your way. That post-debt period is, in many ways, just as challenging as the task of getting out of debt in the first place. So, read on to find out more about the kinds of challenges you’re likely to face.

Staying Out of Debt

First of all, you’re going to have to make sure you don’t immediately fall back into your bad habits of the past. You don’t want to do so well to get out of debt simply to start doing the things that caused you problems in the first place. So, be aware of this challenge, and don’t close your eyes to the difficulties you might have. Many people allow the elation of succeeding cloud their judgment as they move forward.

Making Changes to Your Lifestyle

Making changes to the way you live your life is probably going to be necessary as you leave your debt ridden past behind. As stated above, you don’t want to make the same mistakes twice. And to ensure that never does happen, you will need to think about your lifestyle and how it needs to be altered in the long-term. Even some simple changes could give you some added security and stability.

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Dealing with the Damage Done to Your Credit Score

If you have a history of debt, this will most likely have had a negative impact on your credit score. This can make everything from buying a home to taking out a phone contract more difficult than it would otherwise be. New Horizons offers loans for people with bad credit. And there are many steps you can take that will help you improve your credit score gradually over time. But it’s not something that can be fixed overnight.

Recovering Mentally

Your mental health is something that you definitely need to keep an eye on. The massive burden debt brings can damage your mental health and leave you with problems that last beyond debt itself. You shouldn’t underestimate this factor as you move on in life. If you have any concerns about this, talk to your doctor and don’t just brush the symptoms or signs under the carpet as you might be tempted to.

Focusing on the Future

You always need to keep one eye on the future when you’re recovering from debt. It’s not healthy to focus too much on the mistakes you made in the past regarding your finances. Those days are gone now, and only the future matters at this stage. Stay focused on what’s to come rather than what’s already gone. That’s the best way to live your post-debt life.

Of course, getting out of debt is always a good thing. But the challenges don’t end there, so try to be prepared for what’s next for you.

*Collaborative

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  • Jayne

    Really good advice. It must be so upsetting to be consumed by debt and I imagine it to be a struggle to get out of too.

    • It can be a struggle and it sure can be stressful but having a throughout plan and assessing current needs and affordability can help ease the burden

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  • It must be a very dark place, being in debt. I hope I never experience it.

  • jennifuchs

    Thankfully I’ve never been in debt before. Touch wood it stays that way.

  • Nafisah Nuhu-koko

    Debt is definitely a burden.. But only those with a good conscience consider it to be so I think. Settling it is the hardest bit..

    • I must confess it was hard at first but then I thought of how I got myself into it and made me want to stay out of it after I had paid it off.

  • Getting into debt is so easy and getting out takes work and strength. There are some good tips here

    • Oh tell me about it, it took me over two years to get out of debt so staying out of it was important but it’s challenging.

  • Sarah D

    I wish people planned longer term with their finances – a lot of debt could be avoided

    • A lot definitely could but some can not be unfortunately

  • Battle Mum (BattleMum)

    They’re good tips to consider if you fall into debt and manage to climb out of it. I agree it could be easy to fall back into old ways.

    • Tell me about it, I managed to get out of it and it’s so easy to slip back in as I recently found out

  • Talya Stone

    I’m lucky enough to have never fallen into debt and quite honestly think the idea of the challenges afterwards was enough to keep me out of it!

  • Great advice, getting out of debt can be difficult and so easy to slip back into