Along with the financial worries, struggling with debt often causes increased worry and stress, often impacting your personal life. So why do many of us suffer in silence? One in ten of us spend more money in a month than we earn, often relying on credit cards and overdrafts to pay for essentials such as food and paying household bills.
It’s important to look at how you can begin to cope with debt, and how you can deal with the emotional and mental problems that it brings. Below and some tips for coping with Debt Stress and actions you can take to help you deal with it.
1. Facing up to the problem is always the first step.
If you are in debt it’s absolutely essential that you accept 100% responsibility for your situation. It’s not the fault of your friends, partner, spouse or family. No one else is to blame. If you are pointing the finger of blame at anyone else you are playing the victim. You are the one who spent the money, handed over the credit card or signed the loan agreement. Harsh though this may seem, your financial situation is a result of some choices you have made. Accepting responsibility can be a challenge admittedly, but once you do it will empower you to take control instead of allowing others to pull your strings.
2. Set down your income and outgoings in a schedule
Sort through your paperwork and make a list of all your outgoings and schedule separately your debts showing how much you owe and what your normal payment should be. Then, complete the debt calculator which is a useful budgeting tool and will help identify if you have any surplus cash to offer to your creditors.
3. Talk about your debts
Once you have accepted that debt is a problem, it’s important that you speak to someone about your worries. By talking about your problems you can share the burden of worry and help to relieve feelings of stress.
The most important thing is to ensure you get professional debt advice. We’re always here to discuss your debt solution, so feel free to give us a call.
4. Take action to deal with your debts
By getting professional debt advice from a debt solution provider, you will receive help on how to deal with your situation in confidence.
There are a number of solutions which can give you a bit of a soft landing that is help you reduce your debt payments and reduce or possibly freeze interest and charges on your debt.
5. Improve your confidence
By taking action against your debt, you’ll automatically feel a sense of achievement and realise that you debt is a problem you can resolve.
6. Tackle the physical aspects of debt
Sometimes, debt problems can affect you both physically and mentally. We’ve outlined some top tips to take care of yourself and improve your mood. Click here to read more.
Remember, debt is a problem that you can resolve. By taking the first steps towards tackling your debt, you will begin to feel less stressed and more in control.
For further information or advice on dealing with stress, please visit our help section. Alternatively, you can call us and speak to one of our advisors who have been expertly trained to talk you through the solutions and options available to help you get back on your ‘financial feet’. Call us our freephone number 0800 0851 825 or 0161 868 2500 if calling form a mobile or complete our online contact form and we’ll call you back at a time convenient for you.
The Debt Advisor is a member of The Debt Resolution Forum and is regulated by The Financial Conduct no 606669.