4 Ways to Cope With Debt and Stress
Total consumer debt in the United States totals $11.4 trillion, according to the non-profit debt.org. And according to a survey by the American Psychological Association, 80 percent of Americans feel stressed by their financial situations and the debt they face. If this rings true to you, coping with the stress caused by your debt can help restore your well-being–and your credit rating.
1. Be Open about Your Debt
Too many people who struggle with consumer debt are ashamed by the problem and avoid talking about it with others. But by admitting to and facing the problem, you can begin to take the first steps to alleviate the debt and the stress associated with your financial issues. Being open with your partner and family can help relieve some of the worry you feel. Debt is not something you have to go through alone. By talking with your spouse and actively working together, you can overcome the stress of debt and eventually the debt itself. You have to work together and ensure the other that everything is going to be ok. With that said, it also gives you someone that will help hold you accountable, but you must also hold yourself accountable. Work with you family and other loved ones to set goals and a plan to help get yourself out of debt.
2. Create a Plan
The debt will hover over you for as long as it exists. But by making a clear plan to pay off the money you owe and keep your head above water, you can begin to see an end in sight. Consider consulting a non-profit consumer debt organization, who can help you figure out how much you owe and to whom, as well as the most efficient way for you to get out of debt. Keep in mind that getting out of debt will be a lot harder without a plan. If you want to succeed at getting out of debt, then you first need to make sure you have a solid plan and then follow through on it until the end.
3. Don’t Get Bogged Down
When you’re paying off a large amount of debt, focus on what is in the present. Avoid dwelling on the decisions you made in the past that caused you to get into debt; focusing on these mistakes will make you feel bad, and won’t help your current situation. Similarly, don’t get overwhelmed by the length of time it will take you to pay off the debt. Break it into a set of smaller goals to replace your stress with a sense of accomplishment.
4. Take Care of Yourself
People who are stressed by their debt tend to neglect their physical health and personal well-being. Don’t compromise your health because you are struggling with debt. Sometimes eating junk food can be cheaper than eating healthy, but it is better to cut other unnecessary expenses from your budget so that you can maintain your personal health and wellness. Take care of yourself by doing low-cost or free things that help you relax. Go for a run, give yourself a manicure, or spend time with a trusted friend. Don’t blame yourself for your situation; this type of defeating attitude only adds to your stress.
If after taking these four steps you find that you are still feeling stressed about your financial situation, consider talking to a professional counselor like those at Abakhan & Associates Inc. He or she can help you with strategies to cope with the issues you’re facing in a healthy way.
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Category: Debt, Family Finances
