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Tips for Dealing With the Stress of Being in Debt

    • 120 posts
    February 25, 2013 7:35 AM EST

    In addition to what dannysteve have mention, below are another facts you might consider to deal the stress it brings when you are in debt.

     

    1. Acceptance of Your Debt Problem

    The first step in overcoming your stress is to identify your debt as a problem. Much like with other problems, debt is something that builds slowly and grows exponentially, spiraling out of control before you realize it. For some, spending can be a type of psychological reward for heartache and disappointment. In these instances denial of the problem can only exacerbate the issue. It may sound simple, but just accepting that you have a debt problem is critical to formulating a solution.

    2. Seek Counseling

    When dealing with a stressful issue, it’s important to alleviate your burden by talking with others. As a large debt can affect not only you but the emotional well-being of those around you, being frank and honest about your failings will reduce the anxiety that comes with holding on to a shameful secret. In some cases, it may be easier to talk with a stranger such as a debt counselor. Either way, letting out your emotions and finding external support will help you better manage your psychological state.

    3. Eat Healthy and Exercise

    One of the best ways to deal with depression of any kind is to exercise and take care of your body. A good fitness routine will help you relieve stress and sharpen your focus. A sound body leads to a sound mind. The decisions you make regarding your debt should be made clear of the cobwebs of frustration and anxiety.

    4. Construct a Plan

    If debt is a disease, the only way to cure it is to remove the source of the pain and frustration. This is not to say you will need to clear your debt before you can get better. Simply having a plan and setting yourself on the path to financial recovery will do wonders for your emotional well-being. Re-evaluate your spending habits and identify the mistakes that got you into debt. Formulate a budget which eliminates the debt by a realistic date. The nature of debt can make it seem like a never ending problem, and setting an actual finish line can be an uplifting reminder that this beast can be vanquished.

    5. Be Proud of Your Achievement

    Once you have set your monthly spending goals, the challenge is to reach them. Given that this is no easy task, you should take pride in the time and effort you took to achieve it. Pride and a sense of accomplishment can help you maintain a positive attitude in the face of debt.

    Debt and depression are inextricably linked. Debt can lead to sorrow, which fuels the desire to spend. Spending can become an addiction, a reward no different than a drug. In this way, debt can become a vicious cycle of stress and pain, yet it is not a problem that can’t be solved. By following a strict financial regimen and relying on the support of your family and friends, you can overcome your debt crisis and grow stronger in the process.



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    • 1 posts
    February 25, 2013 6:15 AM EST

    Is your debt spiralling out of control? Are you worried about how you are going to manage these increasing amounts? For many people it seems impossible to get ahead on their finances and the reoccurring issue tends to be increasing expenses generating increasing debts. The more costs that everyday consumers tend to develop only increases their overall living expenses. This ultimately forces them to apply for excess loan amounts or extra lines of credit in order to be able to pay their bills. This only further escalates their debts and causes more stress than before. So how do every day consumers managing excess debt go about dealing with the stress involved and paying off their loans?

    Set a Budget

    The first step you should take (if you haven’t already done so), is develop a strict budget and stick to it. Budgeting is essential for many individuals and family households to help manage their weekly or monthly finances. Setting a budget is a great way to be able to monitor your spending and allocate specific amounts to compulsory expenses, such as rent or mortgage repayments. Once these mandatory expenses have been taken care of, the remaining amount left over becomes your discretionary income. This remaining amount is important as it is the extra cash you have to spend on entertainment, social or preferred luxury items. If you can save as much of this as possible, you can then allocate it to your hefty debts to help pay them off faster.

    Seek Professional Assistance

    If you cannot get back on track by setting and monitoring a strict budget, you should consider contacting professionals, such as Fox Symes, to seek advice or assistance on how to continue with your finances. These reputable services are experienced and will provide alternative solutions, in order to help manage your debts more effectively.

    Consolidate Your Loans

    Consolidating your loans may be the most efficient method of handling your debts. Debt consolidation involves rolling over all your existing debts into one account. For many people this is a smart move as you will only need to manage the one final account, opposed to the several individual loans you may have with banks, stores or other lending institutions. Not only will you simply manage the one account however, you will also only inherit one interest payment on that loan. Therefore you are potentially saving thousands of dollars over the duration of your loan repayments.

    There are also other methods to help relieve debt stress, such as informal arrangements, mortgage refinances and debt agreements. You should always try and avoid the most extreme method, which is bankruptcy, as this entails some harsh consequences. Try setting budgets, and if they don’t work, contact a reputable service provider like Fox Symes for assistance in overcoming your debt. Effectively sourcing methods to help pay off your debts in a more effective manner will eventually relieve any excess stress you may suffer.