Life should be about more than constantly struggling to stay on top of your bills. If you have too much debt, you are likely to experience anxiety, depression and stress. These emotional consequences of debt may cause your physical health to fail as well.
If you have debt-related stress, you must take immediate steps to restore your good mental health. The following three strategies may get you started.
1. Recognize the issue
Denying your financial situation does not do you much good. If your denial keeps you from opening credit card statements, obtaining a free copy of your credit report or taking other actions to identify your financial well-being, it may be downright catastrophic.
2. Accept responsibility
While a few debt-associated matters may be largely out of control, you undoubtedly own most of the blame for your financial circumstances. Accepting responsibility may put you in the right frame of mind to do something about your debt. Simply deciding you want to improve your relationship with money may be helpful.
3. Explore debt-relief options
Many consumers do not have to pay off all their debt to lower debt-related stress. If you can negotiate repayment plans, seek bankruptcy protection or take other steps, you may not have so much debt to worry about. Likewise, making some progress may motivate you to continue to improve your debt situation.
If taking measures to reduce your debt does not improve your mental health, you may need to consult with a physician or mental health professional. Ultimately, though, anything you do to lower the amount of debt you have is likely to have considerable benefits for your psyche.