3 Ways to Manage Debt-Related Stress
The pressures of Christmas can elicit money worries in all of us, but for some, they suffer from these stresses all year round. Mortgages, for instance, are a form of debt, but most of us keep up with our mortgage payments and see them as a way of keeping a roof over our heads.
But, in terms of credit cards and loans, these are what often thrust people into uncontrollable debt which can then even force them to miss payments on their mortgage and important bills. Having these debts can cause a massive amount of stress which can then lead to crippling mental health issues such as depression and anxiety; up to 8.3 million of us are unable to pay off debts or household bills.
So, what steps can you take if you are facing debt-related issues? Debt can feel like something that you will never be free of, but this isn’t the case. With the right support, you can focus on both your mental health and paying off your debts. It might seem like an impossible task, but with the right motivation and support, it can become a reality.
Be Realistic About Your Debt
You need to be realistic about how and when you can pay off your debt. You can’t just rely on gambling for your luck to change. Nor can you empty your bank of the only money you have and hope that they will leave you alone after an immediate lump sum payment. Unfortunately, banks and lenders don’t care about personal circumstances; so, no matter how you ended up in this position, it’s up to you to find a way out.
In terms of realism, you need to have a plan in place for repaying your debt. Take a look at the money coming in and the money going out of your accounts. Banks that deal with your credit cards will have a minimum payments allowance that you’ll need to abide by, for instance; so, you will need to calculate these into your outgoings.
Don’t forget your bills, mortgage, food and other necessary living costs on top. If you are left with a minus number in your account, look at where you can cut costs; this will help you budget in your repayment of debts. While you might only be able to pay the minimum now, in a few months time, you might be able to boost this. Anything on top of the minimum payment is good as it will prove to who you owe that you are becoming more reliable. Although this will be a long process, you are on the right track.
Be Honest About Your Debt
You don’t have to suffer in silence with your debt. Undoubtedly, your stress will be impacting your mental health, causing you mental stress, anxiety or even depression. It can be difficult trying to keep control of your mental health at the same time as your finances. While you start picking one up, the other is tumbling rapidly downhill.
In this case, you need to think about the people who can support you. Many don’t share their debt troubles with family or friends because they feel ashamed. But, you shouldn’t let this prevent you from being open and honest with the people who can help you. Many might have gone through similar issues themselves and can provide you with tips and advice. Others can be there to support you in your journey to a healthier mindset.
Seek Help for Your Debt
Sometimes, we might not have friends or family to turn to; in times like this, you should look at alternative sources of support. There are financial advisors who you can see online or in-person for professional advice and support on repaying your debt. Also, you can join a group to talk about your debt with other people who are facing similar situations. There, you can share your story, listen to others’ stories and gain significant support and advice from them.
A therapist can also help you tackle the mental health side of things; all the stress and worry over debt will take its toll on your mental health, leading you to be plagued by negative thoughts and feelings every day. A therapist can help put into perspective what it is that has made you feel that way, while also providing you with clarity that this feeling won’t last forever.
Check out my website today to learn more about my services as a therapist. Debt shouldn’t be something that causes a lifetime of misery. With the right support for your finances and mental health, you can soon put your debt behind you.