Is Personal Debt Affecting Your Career Prospects?

Are your personal finances holding you back from taking the next step up the career ladder? According to Comet, American citizens are riddled in debt and Millennials are the group in society struggling the most, with 81.5% owing money. It’s natural for anyone to want to progress within their chosen career path, but, when money is tight it can affect your wellbeing and self-belief and the fear of leaving behind the safety net of your current role can prevent you from climbing up the career ladder.

Mental health

One in four people who suffer from a mental health condition are also in debt. The two appear to go hand in hand more and more often and it can be a vicious circle to get out of as, when mental health is impaired, it affects the way individuals spend their cash and they’re more likely to buy things they don’t need nor can afford. Mental health conditions take many forms and those most associated with financial worries are depression, anxiety and stress. When you’re feeling low, it impacts your self-esteem and, therefore, you’ll likely let career opportunities pass you by, thus affecting your long-term prospects.

Unaffordable expenses

Interviews can be a worrying thing, but, having to take time off work and lose pay to head to a job interview can be an even bigger concern for someone already struggling with debt. On top of this, in an interview you need to be confident and determined, however, those battling to make ends meet at home will likely feel far from this. Traveling to meet a prospective employer can also be an unwanted expense when there’s no guarantee of a new job or a pay rise at the end of it, so, for many, they stay put in their current role where they feel safe and secure.

Tackle your debt

In order to take the leap and boost your career, most need to build their confidence and be sure they’re on top of their debt before sending their CV to recruitment agencies and potential employers. Taking out a personal loan is a great way of consolidating high-interest credit card debt into one repayment so that you can easily keep on top of your debt. You also benefit from fixed interest rates and fixed payments to ensure you’re as well off as can be.

Other ways to tackle debt include being savvy when grocery shopping and opting for budget brands and using discount coupons. You can clear out your home and sell items you no longer need or want to friends, family or on auction sites to make some spare cash, too. One of the most effective ways of overhauling your finances is to understand them. So, take time to review every expenditure and see where you can make cutbacks as you’ll likely be surprised at how much you spend on things you don’t really need.

The key to improving your career prospects when you’ve got financial issues is to get on top of your debt in order to improve your mental health and your belief that you can and will succeed.