Your Debt Problems Aren’t Just Money Dysmorphia

There’s a new diagnosis going around on social media, and its name is money dysmorphia. Its main symptom is feeling like everyone else is rich. Like so many other dysmorphias out there, the media make it worse. For example, you have probably heard the frequently cited statistic that most Americans whose annual household income is $100,000 live paycheck to paycheck. As depressing as this statement is at face value, it is even worse when you read it, because your annual household income is nowhere near $100,000. If the gainfully employed folks in the tax brackets above yours can’t make a dent in their debts, then your situation is even more hopeless. What these statistics leave out is that most of the people who are living paycheck to paycheck do not earn $100,000; their financial situation is more like yours. The part about a substantial portion of six-figure earners living paycheck to paycheck is true; what the statistic distorts is how many high earners there are. Fewer than a quarter of employees under the age of 45 earn six figures. In other words, your situation is more common than you think it is. For help seeing past your money dysmorphia and addressing your debt problems, contact a Boca Raton debt lawyer.

Do You Need Debt Relief or Just an Attitude Adjustment?

Money dysmorphia is the feeling that other people whose age and life history resembles yours have more money than you do. It creates a vicious cycle, as people spend beyond their means to keep up the lifestyle that they think other people can afford, and when they do so convincingly, it affirms their audience’s belief that everyone else is rich. Disengaging from social media and focusing on your work and your interpersonal relationships who aren’t into conspicuous consumption is a simple enough solution to fixating on how much money other people allegedly have.

This does not solve the root problem, though. Once you remove all the smoke and mirrors, the truth remains that your debt balances barely budge each month, even though you put every spare cent toward debt repayment and never splurge on unnecessary purchases. If it is any consolation, many more people than you realize are in a similar situation. Being honest with them about your finances can be a great emotional relief, but simply acknowledging the debts and the unfair circumstances that have enabled them to stick around for this long will not fix your financial situation.

To alleviate your debt burden, you will need an intervention that is bigger than just making the minimum payments. For example, you can borrow a debt consolidation loan, file for bankruptcy protection, or settle your debts with the creditors outside of court.

Work With a Debt Lawyer About Seeing Past the Aspirational Content to Address Your Debt

A South Florida debt lawyer can help you if you want to get out of debt despite the social pressures to live beyond your means.  Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.

Source:

msn.com/en-us/money/other/money-dysmorphia-is-real-the-internet-makes-six-figures-feel-normal-the-actual-income-numbers-tell-a-very-different-story/ar-AA1VaNYM?ocid=msedgntp&pc=ACTS&cvid=697c16d3a9ae419fafb791d778302484&ei=25