8 Tips for Coping with Stress and Anxiety About Debt

Does your debt feel like it is taking over your life? Has it caused you to lose sleep? Is it causing tension or arguments with your loved ones? I recently wrote a post addressing some of the things you can do to overcome debt anxiety. Here are eight tips that should help you cope with your debt and allow you to deal with the emotional and mental issues it causes.

1. Accept that your debt is a problem – Before you can truly tackle your debt and the associated stress and anxiety, you need to admit that it is a problem. Debt creeps up on many people, building slowly over time. Your debt may have grown from a small, manageable amount into something that feels completely out of control. The first step is accepting that your debt is a problem.
2. Open up to your loved ones about your debt – Once you have accepted that your debt is a major problem in your life, it is important to talk to someone about it. By opening up, you are sharing the burden of worry and it can help reduce feelings of stress. Be open with your spouse, as this affects them too, both emotionally and financially.
3. Take action – Stop ignoring your bills and review them! Go over everything, your monthly credit card statements, and your recurring expenses, like your mortgage and car payment as well as your income to create a budget. Once you have an idea of the depth of your problem, you can deal with it. Make an appointment with an experienced bankruptcy attorney to go over all of your options.
4. Restore your confidence – Taking immediate action will also be a benefit with a feeling of achievement. You will soon start to realize that your debt is a problem that you can overcome.
5. Get help coping with your debt – There are many different routes out of debt, including debt consolidation, Chapter 7 bankruptcy or Chapter 13 bankruptcy. It is important that you seek professional assistance to determine what option is right for you.
6. Addressing the stress your debt is causing – If you’ve been dealing with growing debt, you may feel some degree of stress or anxiety – all very natural and common ailments associated with the problem. There are things you can do in your every day life that should be able to help with these feelings. Remember to eat a healthy, balanced diet that will help your body and mind function through the stress. Also make sure to get lots of sleep and exercise on a regular basis.
7. Addressing the psychological aspects of debt – Many people spend money to boost their mood, reward themselves or to make up for disappointments. When this spending turns to debt and they can no longer shop as they used to, it can cause a downward spiral. If you have reached this point, you may want to seek professional advise to go over these issues.
8. Find the path away from debt – Last, as you start to solve your debt problem, with dedicated payments or bankruptcy, make a plan to ensure that you will not to go down the same road that got you into trouble.

Whatever your situation, remember that debt is just a problem that needs to be dealt with. You can and will overcome debt.