Too much debt is a concern if you rely on credit cards for everyday purchases or use them to pay off other debts. It’s also troublesome if you can only make minimum payments on those cards.According to Qualified Financial Advisor (QFA) and CFA Charterholder Ian Jennings, debt can also have an emotional impact. “Financial strain can lead to strained relationships, reduced quality of life and limited financial freedom,” Jennings said. “Managing and reducing debt is vital for overall well-being and achieving financial security.”