The Stresses of Debt and How to Deal With Them

Money is a major factor when it comes to stress. Most people who are dealing with stress related issues would tell you that money is a large part of it. Add in an economic downturn and people who have traditionally been able to avoid stress in the past are suddenly bogged down by it. From depression to sleepless nights and anxiety attacks, there are plenty of stress effects that can show up in a physical form in the body.

In this case there is only one way to get rid of your stress, get rid of the debt. Seems too impossible of a task? That’s only because you’re not looking at it correctly. Here’s how to do it.

Assess Debt

The first thing you need to know is what you really owe and have to deal with. It’s time to pull out the statements for everything from your best credit cards down to your old college loans and add it up to see your overall debt.

Debt Plan

Once you know what you owe, you need to come up with a way to pay for it. This starts as a simple math problem. Once you pay your monthly expenses, how much do you have left? This is what you have to pay down your overall debt with. If the amount you have left barely makes a dent in your debt, you need to look at some ways to make that money go further.

Balance Transfer Credit Cards and Low Interest Credit Cards

One great way to do this is to use some of the best credit cards out there, which are balance transfer credit cards and low interest credit cards. After all, if you can lower or remove the interest you are paying you will be able to get rid of your debt more quickly.

With some of the best balance transfer credit cards you can take all of those other debts and roll them into one lump sum that is on a credit card with no interest. Not all balance transfer credit cards are like this, so make sure to ask for no interest on your transfers.

Low interest credit cards are another option, as these will allow you to keep lower interest rates for all of the purchases you make. If there are some things you automatically charge each month, this will lessen the interest you are paying on them.

Implement Your Plan

Once you come up with a plan, you need to put it into action. Make notes of what you can spend and where you can spend it and keep looking at that list so you can follow it.

Manage Your Stress

The final thing you need to do is manage your stress. While you have a debt plan that will help make your problem go away, that is a long term plan. It will take time. In the short-term look to things like exercise, meditation or creative outlets to lessen your daily stress levels.

Source by Stephen Sikes

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