What is the impact of debt on my overall financial health?

Debt can have a significant impact on your overall financial health. Here are some ways in which it can affect you:

1. Credit score: Your credit score is an important factor that lenders use to determine your creditworthiness. If you have a lot of debt or if you have missed payments, your credit score can be negatively affected.

2. Stress: Debt can be a major source of stress, which can affect your mental and physical health.

3. Savings: If you have a lot of debt, it can be difficult to save for the future, which can impact your longterm financial goals, such as retirement.

4. Interest charges: If you have highinterest debt, such as credit card debt, the interest charges can add up quickly and make it difficult to pay off the debt.

5. Opportunities: Debt can limit your opportunities, such as your ability to get a mortgage or start a business.

6. Relationships: Debt can strain relationships, such as those with your spouse or family members, and cause tension and conflict.

Overall, it's important to manage your debt carefully and make it a priority to pay it off as soon as possible to minimize the impact on your financial health.