Becoming overwhelmed with debt is a stress factor many people come up against at some point in their lives. The fact is not being able to meet your financial obligations can cause undue stress and worry, and this leads to somewhat of a denial phase leading to the issue becoming exacerbated.
What can you do to reduce the stress levels debt is causing you and address the problem at hand?
Stop the Denial
Denying what is happening won’t make the problem go away. It will only make it and your stress levels worse. Instead, take a deep breath, open the demands for payment and take a cold hard look at the reality of the situation. Until you do this, you cannot move forward.
Accept the Blame
In many cases, the reality is, you got yourself into this mess. Being in debt and struggling financially is something many people are ashamed to admit. However, in most cases, it has no bearing on you as a person but as a symptom of the current situation. Accept you are in this situation. Appreciate you play a part in it and look at ways you can move forward and resolve the situation.
The best way to relieve debt tension is to face the music financially, open your bills, and take full responsibility for your debt. Experts recommend enlisting the assistance of a reputable financial advisor, such as one from a financial service non-profit or a credit union, or a financial planner or a CPA, such as Timberline Financial, to help you create a budget and payment plan that can provide you with the much-needed assurance that your situation can and will change.
Take Stock of Your Spending
Addressing how much you spend and what you spend money is a great way to address where your money is going and identify any savings you can make. Changing your financial habits to help yourself get out of debt is vital if you are serious about taking control of the situation and rewriting the narrative. Many people have succeeded in this area and are now living debt-free. It won’t be ready and require grit and determination, but it is possible.
Remember, Life Isn’t All About Money
Keep everything in perspective. Sure, being in debt and not being able to afford to meet demands for payment isn’t a great situation. Still, if you are responsible for the situation and you are working towards addressing the issue and repaying what you owe, there is no reason why you should let this become all your life is about.
Stress is a killer, and being in debt isn’t worth losing your life over. Put everything into perspective and accept that there is only so much you can do, and that life is about so much more than how much you owe.
Keeping perspective will help you look at the bigger picture, be proud of how far you have come, and build better habits to avoid being in this situation again.