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Dec-22-2020 23:06printcomments

Myths & Misconceptions About Achieving Financial Independence

Remember, most people know exactly what you’re going through.

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Photo: Nathan Cowley, Pexels

(SALEM, Ore.) - For many people, debt is a big problem that they grapple with every day. Indeed, millions of Americans currently have some form of debt that they’re unable to repay. Worse, relatively few people have a solid plan to get out of debt and gain financial independence.

Thankfully, today we’ll explore this topic in depth and bust some common myths surrounding debt and financial independence. Here are a few key facts you need to know ASAP:

Myth: Debt is Uncommon

Most people in the U.S. have some debt they still need to pay off. Obviously, there’s a big difference between manageable debt and debt that’s gotten out of control. However, the average American has around $90,000 in total debt. And millions of people never manage to get out of debt.

If you ever feel isolated because of your financial situation, remember that most people know exactly what you’re going through.

Myth: Debt is the Product of Irresponsible Behavior

Some people wrongly associate debt with poor decision-making. Yet, in truth, the main causes of debt in the US are student loans and medical bills. No matter how you slice it, going to see a doctor on a regular basis will likely be expensive.

So while a person may need to visit their doctor to have a test conducted with tissue culture flasks, they may then have difficulty settling the bill for their healthcare services. Remember, a large number of Americans either don’t have any health insurance at all, or they lack significant coverage on their current plan.

At the end of the day, many people experience debt because of purchases and expenses they simply couldn’t avoid. To suggest otherwise is unfair and untrue.

Myth: All Debt is Bad Debt

Taking on debt can –– in some instances –– prove to be a great decision. Say, for example, that you take out a business loan of $50,000 to finance a new company. That might seem like a risky decision at first, but if your business then turns a $500,000 profit the next year, the decision to take on temporary debt will be validated.

Similarly, it’s okay to go into some debt to finance things like your education or your home. Just make sure you speak with a financial advisor and have backup plans in case things go awry.

Myth: People in Debt Have no Agency

While being in debt can feel helpless, there are actions you can take to improve your situation. Refinancing and negotiating with creditors might not be an enjoyable experience, but it can lead to some meaningful solutions from time to time.

Similarly, bankruptcy isn’t an option many people are willing to pursue, but it can provide important relief to individuals who need it. Getting out of debt might not be easy, but it’s important to always keep your financial options open.

Source: Special Features Dept.


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