7 Ways to Deal with Debt Stress


More than just being a negative number in your bank accounts, debt is a word that comes with a lot stress to challenge mental and physical health. Each one of us, at some point of time in our lives, has gone through the debt stress or is still going through it. What surprises me is that how persistent and chronic the debt stress is, in today’s scenario. There is a huge amount of anxiety and worry attached with the debt, which negatively affects not only your confidence but also your physical health. However, I can tell you that, debt is something that can be managed effectively. With the tips I am giving you, you will be able to take control of your financial conditions and lead a stress free life.

1. Acknowledge Your Debt Situation

Debt is just a number and it should not control your life. The first step to be in charge of your financial situation is to acknowledge it. Most people are too scared to check their monthly bank statements for what they might find in there. I would suggest, no matter however frightening you may find your bank statements to be, sitting down with all your accounts and finding out the amount of money you owe is the only way to sort out your debt.  Take into account every single penny you owe, whether to banks, credit cards, friends or relatives. Once you have a definite number, setting a repayment goal is much easier.

2. Focus On Present

I know when the payment date of a big EMI is coming your way; staying focus on present seems next to impossible. But it is not. You have to admit is that debt repayment is a long term process and you cannot be out of the situation in few months or even a few years. You would not want to waste a good part of your life in stress and anxiety, thinking about what might turn out in future, or worse, blaming your past decisions that lead to your present financial situation.

3. Recognize Credit is not Freedom

With the easy availability of credit in today’s financial environment, people have attained a false sense of freedom. In short term, your credit cards make you feel that you have all the resources available to do whatever you want. However, I would recommend you to be cautious of this false sense of freedom. Take another look at your credit card statement and you will recognize that your short term resources actually make a big part of your long term debt.

The Wolf could afford that, can we?
The Wolf could afford that, can we?

4. Self Control is the Key

Working on your will power is the surest way to remain debt stress free. With increasing consumerism, more and more new products are launched and advertised as something that you should have to lead a happier life. However, this is for you to recognize that happiness comes from a peaceful mind and healthy body instead of the new high-end perfume that you bought last month with your credit card.

 5. Make Your Budget

I keep telling everyone about the importance of budgeting in our lives. When you have made a budget, you know exactly how much money to spend and where to spend it. It gives you an amazing amount of control over your financial decisions and hence reduces your stress.  We all are caught in the concept of hypermarkets and superstore, filling our trolleys with unnecessary items. With a budget in hand, you are in charge of what you want and what you don’t.

 6Stay Positive

Again I know that staying positive when you are in debt is a difficult. However, it is not impossible. Money is important, but there are other things that are more important. Focus on what is good in your life. Being positive doesn’t mean that you have to keep a false smile or close your eyes to the negative. To have a positive attitude means to understand that life is full of ups and downs, to stay focus on your goals, to be thankful of everything good, to plan your days and to understand that plans can fail too. When you make effort to remain positive, you get a lot of strength to fight with debt stress.

7. Contact a Financial Planner

You may ask me, that when you are barely able to manage your monthly payments, how I can suggest you to hire a financial planner and spend more money.  However, think about what debt is doing to your life, your relationships and your health. If your life is getting ruined by debt stress, hiring a financial planner is one of the best things that you can do. Your financial planner will be able to analyze your debt situation properly and come with a more manageable solution.


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