The long-term effects of failing to manage debt can be significant. The most serious effect is that debt can accumulate over time, leading to financial hardship and difficulty accessing future credit. This can affect a person’s ability to access mortgages, loans, or insurance and buy a car or home. Also, bad credit can cause difficulties in getting a job, a tax refund, or an apartment. A person may end up filing for bankruptcy in extreme cases. Other effects of unmanaged debt include stress, anxiety, and depression, as well as increased risk of physical health issues or death.