How To Deal With Debt Stress

Get Stress Relief By Dealing With Your Debt

Are you struggling with debt stress?

You’re not alone.

The average Canadian consumer debt is currently $8,500 and this doesn’t include mortgages.

People who are in debt tend to suffer from debt stress syndrome.

They are constantly worried about how much they owe and whether they will be able to pay it back.

The emotions at play can become overwhelming and may begin to create havoc with the general state of your health.

Indeed, studies show that there are numerous health issues that become more common when you are stressed after experiencing money trouble.

You may find that you have trouble concentrating, difficulty sleeping, or problems with your diet.

Over time, the problems can get more severe.

For instance, studies have shown that people in debt for an extended period have a higher blood pressure than average, and trouble with diabetes as well as obesity.

It can even change whether your immune system responds effectively, making illnesses more likely.

Some people who are dealing with debt stress fall into a deep state of depression which can eventually lead to suicidal thoughts.

The stress of debt will affect every aspect of your life.

It will impact personal relationships, your quality of living, and your physical wellbeing.

This is why it’s important to know how to handle it the right way and get the relief that you could desperately need.

Focus On Your Health

Debt stress will impact your mental and physical wellbeing.

It can lead to problems with anxiety, insomnia, and high blood pressure, bringing further health issues.

It’s not uncommon for people struggling with money issues to fall into a state of depression and constantly find themselves exhausted through the day.

You should not see your health as a second priority.

This should be your first priority before even paying back the money that you owe.

You need to continue to get up each morning and try to keep up your daily routine.

Make sure that you aim to keep your diet on the right track.

A poor diet can lead to increased levels of stress.

Why does this happen?

Research shows that the food you eat can impact your mood and your emotions.

Certain foods provide highs and then lows.

This can add to the stress you already feel that is caused by debt.

That’s why you need to avoid common coping mechanisms for stress such as binge eating.

If you are suffering from debt stress, you will need ‘me time.’

You need to give yourself at least an hour each day to relax and do something that you enjoy or that calms your mind.

It could be anything from reading a book to meditation.

It will be different for every individual.

Exercise is also important.

Exercise will ensure that you don’t go to sleep filled with energy.

This is another contributing factor that can keep you awake through the night.

If you do find yourself unable to switch off your brain, try writing down your thoughts and emotions.

This can be incredibly therapeutic.

Even a light workout can cause the release of endorphins.

These chemicals help us to feel happy, even when we are facing adversity.

It’s one of the reasons why exercising is a great way to ensure that high levels of stress don’t bring you down.

Many people who are in debt start to play the blame game.

They look at who is to cause for their debt and tend to point the finger at themselves.

This is not particularly beneficial.

Ultimately, it doesn’t matter if poor decisions led to your debt because we all make mistakes.

Instead, it’s crucial that you can commit to making the right ones now.

Of course, some experts suggest that a certain amount of blame can be healthy.

While you should not dwell on the issue, blame can help you tackle the causes of your debt that might still be apparent.

So, rather than focusing on the negatives, try to explore what went wrong and how to fix it.

By looking after yourself, you can improve your state of mind.

Do this and you’ll find that the challenges you are currently facing aren’t as difficult as they seem.

You will be able to discover the solutions to your financial troubles far more easily and keep calm, even in the face of adversity.

Make A Budget

If you are stressed about debt, you need to get a grip on your finances.

The easiest way to do this is to set up a budget.

A budget will ensure that you aren’t overspending, increasing your debt.

It can also help you pay off the debt you already have.

To plan a budget, calculate exactly how much money you are earning each month.

Then subtract all the monthly costs and bills that you pay each month, including the amount you pay on your debt plan.

This will tell you whether you can increase your debt payments and how much you can spend on other things through the month or year.

Eventually, you can use a personal budget to save and ensure that you don’t end up in debt again in the future.

Be Realistic

One of the worst things you can do when you are in debt is ignore the problem.

Regardless of how much debt you have, it’s important that you acknowledge it exists.

Don’t hide away or ignore the letters coming through the post.

Don’t continue with your current spending pattern.

Once you admit you have an issue, you’ll find it far easier to deal with.

You can also avoid your levels of stress increasing over time.

After you admit you have a problem, you need to complete a few more calculations.

Work out how much you owe, who you owe it too, and how quickly your debt is growing.

Be honest with the people in your life as well as yourself.

If people close to you don’t know you are facing issues with money, they could wonder why your spending habits have changed.

Once you start calculating your debt, the sum might shock you.

You could think that the cost is completely insurmountable.

Remember, countless people have been in the same position that you’re in right now.

Many do find their way to clear their debt.

You can too.

Cut The Costs

People who are in debt will often still cling to their previous spending habits.

They want to maintain their current quality of living, even if they were beyond their means.

It is understandable, but this will cause your debt to build or remain at the same level and that causes more stress for you.

Some people even spend to cope with the stress they are feeling.

Retail therapy is a popular choice when you’re feeling overwhelmed.

‘Buy yourself some happiness’ is a phrase that you need to ignore when you are swimming in debt.

Similar to eating chocolate, the joy you receive from buying products is shortlived.

Particularly when you look at your account and realize you now owe more money.

Retail therapy is a growing issue because it’s so easy to buy things these days.

You don’t have to head to the high street.

You can click through a site and in no time you have added countless expensive items to your basket.

To reduce your stress, you need to look at how you can change how you spend and when you spend.

Consider whether you are buying to deal with emotional issues like stress.

Then, explore healthier options for dealing with these emotions.

Exercise is a fantastic way to reduce stress without increasing the money you owe.

You can also look at ways to cut costs that don’t impact your quality of life.

Look at your energy bills.

Reducing the energy you use can lead to great monthly savings without impacting your lifestyle.

Or, you can talk to someone about what’s bothering you.

This could be your financial issues or it may be another variable in your life that leads to increased levels of stress.

Make Paying Your Debt Less Stressful

Often, the process of paying off the debts you have accumulated can lead to a stressful situation.

Knowing how much you owe and how much you need to pay back each month will help here.

It will stop the monthly payment amounts from being a nasty shock to the system.

However, this is just one step.

You should also think about setting up your debt payments so that they automatically leave your account each month.

This means that you won’t need to think about the money you are paying back.

You may also want to ensure that your debt is consolidated.

By consolidating your debt, you can ensure that you are making one payment each month rather than various payments to multiple people.

A single payment can be less frightening and will seem far easier to deal with, therefore helping you reduce your level of stress.

If you don’t have enough money to make a debt payment one month, you need to handle this the right way.

With a budget in place, you can ensure that you will be able to pay the amount back at a later date and fit it easily into your spending plan.

Think Positive

This is perhaps the most difficult step to take.

When you are swimming in debt it can feel like the sky is falling around you.

This is what causes a lot of your debt stress.

As mentioned, this can even lead to people wanting to break free in any way possible, even taking this own life.

That’s why you need to focus on the positives in your life.

Think about the things you love most and the things that matter to you.

Think about everything that you get up in the morning for and that pushes you to continue, even when you are struggling.

You’ll lose some material things when you are working to free yourself from debt.

You may not be able to afford to eat out at restaurants or even go to the cinema.

But the most important things will still be there.

Your family, your friends, your passions – they will all remain.

It can be difficult to stay optimistic, but you do need to focus on what you’re fighting for.

Seek Help

You should always tell your friends, family, and loved ones if you are suffering from debt.

A problem shared is a problem halved.

However, it’s important that you go beyond the people who matter most in your life.

You also need to seek out professional help.

There are numerous organizations committed to guaranteeing that people find out how to break free from their debt, regardless of how much they owe.

Contacting an organization like this is a positive step.

It will help you realize that you are taking action to fix the issue that you are facing right now.

If you are struggling to set up a budget, or a debt repayment plan, you can get the help you need here too.

Be Proud Of The Progress You Make

Breaking free from debt is always going to be a challenge.

Don’t let anybody tell you differently.

It’s not an easy path and this means that the successes you have on this journey should be championed.

You should be proud of what you accomplish.

If you cut your level of debt down by 10% this is a big achievement.

If you clear half your debt, then that’s an impressive milestone.

Don’t let these moments slip by without acknowledging them and finding relief in the fact that you are moving forward.

Do you think you might be suffering from debt stress?

You might be struggling to break free.

It might feel as though you are drowning due to the amount that you owe.

If so, then we can help.

We have helped more than 100,000 people gain a brand new start with their finances.

You’re not alone in this struggle, there are people you can lean on.

Get in touch today or use our evaluation form and a friendly expert member of our team will immediately work to help fix your financial situation.

Information on Consumer Proposals

Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

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