I bet it is.  Well, you’re not alone.  In fact, managing your debt is causing a majority of you to feel mentally and physically ill.  The good news is:  I’ve got the cure.

But First, Let’s Talk About Those “Sickening” Statistics

I’m grateful we’re finally taking time to study how debt is affecting us.  Been a long time coming.  It’s an issue because for years now our savings have been decreasing while our debt has been increasing.  I have a blog that details this (Stop Lighting Your Money on Fire).  Feel free to read it later.  For now, I’ll repeat the information below so you can focus on this article:

Average amount in savings is an abysmal $8,863 according to an article by Bankrate.  It’s important to note that their information is sourced from the Federal Reserve Board Survey of Consumer Finances.

The US Bureau of Labor Statistics (2017 is their most recent set of full-year data) reported that the average consumer spends 94.4% of their after-tax income.  Here’s the table:

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With statistics like that, is it truly any wonder why people are affected physically and mentally by their debt?

Debt’s Making Us Sick

Merrill Edge published an interesting report in the Spring of 2019.  They surveyed 1,000 responders and found: 59% said managing their finances negatively impacted their mental health and 56% said managing their finances negatively impacted their physical health.

There you have it.  This debt versus savings thing can actually make you sick. 

But get this

Those 1,000 people who were surveyed were “mass affluent respondents”.  Affluent what?  Affluent, as in rather well to do?  Yep.  Turns out that in order to be a “mass affluent respondent”, you had to fall in one of these categories: 18 to 23 years old with investable assets between $50,000-$250,000, or 18 to 23 years old with investable assets between $20,000-$50,000 and income of at least $50,000, or over 24 years old with investable assets between $50,000-$250,000.

Note:  investable assets consist of cash, savings, mutual funds, CDs, IRAs, stocks, bonds, 401K, 403B, and Roth IRA, but exclude primary home and any real estate investments.

Are you kidding me?

“Affluent” is an understatement!  I can’t think of a single 18-23 year old sitting on that kind of money.  Relative to the truly average person out there, their survey respondents are doing VERY well financially.  And managing money is negatively impacting their mental and physical health?

Here’s my point

If those “affluent” folks are feeling the “debt pain”, then imagine how much pain folks with less investable assets and more debt are feeling?  I’m truly concerned for their well-being.  Perhaps your financial situation better fits this category.

And it’s that concern that motivates me every day to encourage people to get on the path to personal and financial freedom. 

Something’s got to change because the advice out there may be well intentioned, but it just isn’t coming anywhere close to fixing this problem.  We have a process, but for now let’s just focus on what you can do NOW about your debt.

Now for the Cure

“All that counts in life is intention.  Destiny has a lot to do with it, but so do you.  You have to persevere.  You have to insist.”
– Andrea Bocelli

Crush Your Debt

Enroll your loans in a bi-weekly payment plan.  Click here for more information about our bi-weekly payment program. 

But wait, you say, some people say those plans are a scam.  Ours is NOT.  Click here for a very detailed article that explains why our program is not a scam. 

Watch Out for Naysayers

And for the love of God, stop listening to those pundits out there who say you should just do it on your own.  That’s very well intentioned advice.  And I agree that your debt is your #1 enemy.  It’s their approach to solving the personal debt problem that I don’t agree with.  The reality is, as per the numbers, that for the majority of you out there, going it alone (i.e. without an automated bi-weekly payment program) is NOT working.  We’ve got to get from Point A (current debt crisis) to Point B (personal and financial freedom).  The pundit’s approach has worked for only a tiny fraction you at Point A. 

Get on the Path

I want to get everybody from Point A to Point B.  I want everybody to be able to defeat the #1 enemy blocking you from achieving personal and financial freedom—your debt.

Make no mistake about it; I want you to pay off your debt ASAP (leaving your mortgage for last).  You need to pay off your credit card debt, auto loans, personal loans, etc. faster than you can blink.  The challenge is, if left to your own devices, most of you just seem to come up with excuse after excuse to justify why you couldn’t start accelerating your debt payoff.

Important:  Get Yourself Out of Your Way

By taking the leap and enrolling your loans in bi-weekly payment plans, you’re temporarily getting yourself out of the way.  It’s that simple.  No more personal excuses blocking you from achieving personal and financial freedom.  You’re on your way!  Step one is to enroll.  Step two is to use the payment boost option to pay your smallest loan balance off within one year.  Step three is to steamroll that monthly payment to the next biggest loan and pay that debt off within a year.  And so on, and so on, leaving your mortgage for last.

Conclusion

Managing your debt is making you sick.  I get it, and you’re not alone.  Well, now you have the cure.  Get your excuses out of the way and just enroll your loans now in our bi-weekly payment program.  Then let us serve you by showing you how to payment boost yourself to personal and financial freedom!  We look forward to hearing from you.