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Too much debt has negative financial effects on everyone. However, excessive debt will have additional consequences to your personal life, mental health and overall well being.

Below are some common examples of the effects of having too much debt.

Credit score
About 1/3 of your credit score is based on how much debt you have. Having open accounts does not necessarily mean you will have a low credit score, making you a higher risk. However, owing money on several account will result in a lower credit score.

Ability to obtain credit
As mentioned, having too much debt will hurt your credit score. Lower credit scores mean that you will have a difficult time getting approved for certain types of loans and credit cards. Get more info on the effects of credit card debt on mortgages.

Being in debt can have a big effect on how you feel about yourself. Having low self-esteem can snowball into many different issues, i.e. appearance, cleanliness, etc..

Being in debt causes stress. Too much stress can make you physically ill.

Stress will also result in difficulties in sleeping.

Having high debt can result in money fights with your spouse. Couples usually have different views as to what is important/necessary and what is not when money is tight. Unfortunately, money issues is one of the top reasons for divorce. Getting divorced will not eliminate the problems though. It is crucial that you pay close attention to the status of all of your accounts, individual and joint when going through divorce. Learn more about divorce and shared debt.

Don't let debt control your life! Star Loan Services' Credit Counselors can help guide out of your financial mess. Get a free debt evaluation today!

Related Readings:
The effects of different accounts have on your personal


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