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3 tips on dealing with the stress of debt

On Behalf of | Sep 22, 2020 | Personal Bankruptcy |

Most adults in the United States find that finances cause significant stress in their lives. You might feel overwhelmed about the future if you find yourself struggling with debt or facing the possibility of bankruptcy.

Do not lose all hope. You can follow a few tips to minimize your stress surrounding debt and help deal with the emotional aspect of finances.

Break the cycle of guilt

You might find yourself coping with what seems like an overwhelming situation by not paying any attention to your finances. You may avoid tracking your purchases and checking your credit card statements. This might make you feel better in the moment, but overall you could lose control of your debt situation. If you face your shame and guilt head on, you may lessen more stress than you think.

Seek help from professionals

As you begin repayment, trained professionals can work with you to put together a budget and payment plan to get you on the right track. Hiring a financial planner, a CPA or a financial advisor will help remedy some stress surrounding your debt.

If you find yourself struggling with mental health, you may benefit from talking with a therapist who can help you with underlying mental health conditions, change any troubling behaviors and cope with stress or difficult feelings.

Put your debt in perspective

If you reframe the way you think about your debt and view it as a business decision rather than a catastrophic, all-consuming facet of your life, you will have a healthier mindset. Many people file for bankruptcy multiple times in their lives, so the potential of your overwhelming stress leading to health risks is typically not worth it.

Taking steps to shift your mindset and lessen some of the emotional burden will make your journey much more tolerable.

FindLaw Network
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