Tips on Coping with Debt

From Editor: This is a guest article by Amanda Revie

Debt isn’t just a strain on your bank account, but it’s also a strain on your everyday life, your social life, your family life and your health. Whether you are in the process of an individual voluntary arrangement, you’re remortgaging the house, or you are looking to file for bankruptcy, there are many ways you can cope with the emotional affects of your situation.

Don’t feel alone when you are facing a spiral of debt; talk to other people about your troubles and learn new ways of dealing with debt stress.

What is Debt Stress?

Debt stress is simply the level of stress you experience due to your debt problems. It’s a sad and unfortunate truth but many people in the UK are in debt, in one way or another. So you aren’t alone. It’s completely normal to feel stressed when the burden of your finances is weighing you down.

In a time of debt, you could feel the following:

a. Stress – The feeling of being under pressure. Stress is a big cause of family troubles and can make you extremely short tempered.

b. Anxiety and fear – Constantly wondering what’s around the corner and possible fear of debt collectors, or bank notices, letters in the post, phone calls etc. Knowing that you are in trouble could put you under a great amount of fear and panic. This can affect your everyday life. – Debt can be extremely depressing and this can cause you to feel helpless and even lethargic. Many people suffer at work with under performance and can be deflated about life in general. In some extreme cases, debt can push people to the edge of feeling suicidal, but there are people out there who can help.

How Can You Overcome Debt Stress and Anxiety?

1. Talk about your problems – Whether you have a best pal who always listens, or you can talk to your partner about financial issues, it’s always good to have people who love you to lend an ear. Sometimes, it can be difficult when people pass judgment, react angrily, or patronize. In this case, seeking outside help can put you in a safe place where no-one will judge.

2. Seek professional help – Don’t let these feelings get suppressed and bottled up. If talking to family members and loved ones isn’t helping, talk to someone with a professional qualification. They can help you establish ways of relaxing, breathing exercises to calm any anxiety attacks, and can help you rebuild your confidence.

3. Seek debt advice ASAP – Don’t delay if you are in serious debt. Hiding from your problems won’t help. Face the facts and accept your problem, then seek help from people who can give you impartial advice. Organizations such as National Debt line, Consumer Credit Counseling Service, Credit Action or Citizens Advice Bureau will be able to discuss your options.

4. Be proactive – It’s hard to have that ‘get up and go’ attitude when you’re struggling to pay your bills. But you have to accept your situation and realize there’s not going back; all you have is he future so you need to focus on building towards a better life. Be proactive and try your best to positive no matter how bad your situation feels.

About author: Amanda Revie writes for Churchwood Finance who can help to clear your debts by arranging for payments you can afford. If you are struggling to pay your debts, a legal agreement between you and your creditors, known as an Individual Voluntary Arrangement, could be your way out.

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