How paying off all my debt changed my life
Fast Company - 03/03/2016
Having debt impacts what an individual can and cannot do, says Coleen Pantalone, a finance professor at the D’Amore McKim School of Business at Northeastern University.
“Carrying too much debt limits choice, sometimes self-imposed and sometimes imposed by a low credit score, leading to lenders refusing to lend more,” she says. “We often hear today about the difficulty in saving the down payment for a first house because the individual has student debt, along with perhaps a car loan or lease and credit card debt.”
Debt also affects your opportunities, says Pantalone. “For example, it is risky to change jobs or careers when you have all these fixed payments due every month,” she says. “Debt can limit your potential and your personal well–being.”