According to experts, people who are struggling to pay off debt are more likely to suffer from mental health problems, including anxiety and depression. Carrying a heavy debt load can also lead to fear and worry – the fear of not knowing what to do next, the fear of never getting out of debt, and how being over-indebted will affect relationships. No one needs to live in that kind of constant anxiety and fear.
A person who seeks out and incorporates debt management solutions in their life (such as debt counselling), will find financial peace of mind and have more control over their situation. It makes sense knowing that once our financial stresses are managed, our overall wellness and happiness can flourish and grow.
Better yet, when we take control of our financial situation and pay off debts, the reward is an immediate sense of relief, freedom and accomplishment.
In short, it’s best to take your time, and be steadfast in your resolve to clear up your debt. The incredible relief and weight that is lifted and ability to smile again is completely worth it!
How to Manage Debt
- Know how much you owe and to whom you owe it
- Pay your bills on time each month
- Create a monthly bill payment calendar
- Make at least the minimum payment
- Decide which debts to pay off first
- Pay off collections and charge-offs
- Maintain and grow an emergency fund to fall back on
- Use a monthly budget to plan your expenses
Resources
If you are in debt and really struggling to make any headway paying down your debt, start by speaking with a credit counsellor.
Find out what programs are available to help you deal with your debts. A reputable credit counsellor will explain all of your options and help you choose the option that makes the most sense for you in your situation.
Many people don’t know what they need to know about debt repayment programs at non-profit credit counselling organizations, but most are relieved they took the time to find out before it was too late.
Speaking with a non-profit credit counsellor about your options is confidential, non-judgmental, and usually free.
I’m a proud mom, a friend to many, and have a profound belief in human kindness.
My goal to live a happy, healthy, and fulfilling life includes my love to write about things that resonate with me. My gift to you is sharing my perspective on living a happy life.
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