Why we shouldn't be ashamed of having debt

According to CNBC, a record 80% of Americans are in debt. This runs the gamut from credit card debt and car loans, to student debt and mortgages. Debt has become so mainstream, it's actually more normal to be in debt than it is to be debt free. 

If you are in debt, those hefty payments you have to make every month probably wear you down. Even if you can justify the purchase, such as with a mortgage or student debts, struggling to survive while you pay down debt isn't fun for anyone.

No matter what reason you fell into debt however, you shouldn't feel ashamed about it. Debt isn't who you are. It's an outcome that came either by chance (through medical debt as an example) by a youthful bad decision, or to try and get ahead. 

If you're in debt because you have a mortgage or student loans, you've chosen to take on these debts in order to better yourself and your future. Even if times are hard now, debt isn't permanent. Even if it is a huge amount of debt, you will always eventually be able to pay it off.

Debt is unfortunately an intrinsic part of our lives, and until society changes, it's unlikely we'll be able to avoid it entirely. Instead, if having a debt with someone troubles you, focus on paying the debt down as efficiently as possible. If you have extra money to put on a loan each month, focus on the highest interest loans first, and go from there. As each loan is cleared, you will have more money each month to put on the loans, and eventually free yourself.

Whether you're embarrassed by the fact that you owe someone else, or feeling the pinch of monthly payment, debt is never fun for anyone. It isn't something you need to feel ashamed about, but rather something you need to address just like any other part of life. You can do it, and you'll come away from this experience a better person.

Want to learn more about money matters? Check out our Vet Candy Guide to Money from finance guru, Bryan Gum.