For many people, debt makes changes like this nearly impossible and furthers the cycle of taking on debt to avoid sinking under the weight of financial hardships.If the turmoil debt creates hasn’t convinced you, here are 5 reasons why getting out of debt should be your main focus before taking on new projects.Career stagnationStarting a business when you’re in debt is about as easy as starting a bonfire when it’s windy and you have no kindling.

Every time you think you’ve managed to make it possible, the flame sputters out.

This can happen from any number of things, but financial hardship is one of the main reasons many businesses are unable to get off the ground.It’s also one of the reasons many people stay in a job they hate instead of embarking on a career that fascinates them.78% of full-time workers currently live paycheck to paycheck, and 71% of workers have some form of debt.

Couple that with the fact that the average debt amount is more than $37,000 and you can see why a job with a steady paycheck can seem preferable to a job you enjoy.Unfortunately, statistics show that 85% of people worldwide actually hate their jobs, and it’s having drastic effects on people’s well-being.Emotional turmoilLike a job you hate, living with debt can have a significant impact on your emotional health.

The seemingly never-ending payments make people in debt twice as likely to experience issues like depression, anxiety, and anger.Although there are ways to decrease your payments on student loans and even have some of them forgiven, private loans don’t have the same options.

That’s why it’s important to make getting out of debt your main priority.Destruction of relationshipsLiving in debt often has massive negative impacts on relationships.

Starting a business when you’re already in debt can feel daunting, if not impossible.

Don’t worry, though, there are ways to get that spring back in your step as you talk about getting your business off the ground.

Here are some tips on starting a business when you’re already in debt.Cut Your Personal ExpensesIf you want to start a business and be successful, you’ll need to make some sacrifices.

Those sacrifices include cutting your personal expenses to make room for business ones.

Although you likely won’t want to cut your personal spending to the bone and go without, doing so can free up precious dollars to invest in your dream.So how can you reduce your budget without essentially starving yourself?Try following these suggestions.Consolidate Credit CardsTo cut costs on paying back your high-interest credit card debt, consider consolidating your credit cards.

Doing so could help lower your interest rate and monthly payments, making it easier for you to repay your loans.Refinance Student DebtPaying your student loans each month can be devastating on your budget.