Mif9y5oirdw121hid6b3+library

Financial Guidance Library

Helping others achieve financial success

Financial Guidance Library

Does debt cause stress?

By Jennifer Panther

Will your vehicle still be in the parking lot when you get off work this afternoon? Will you have someone knocking on your door tonight to serve you foreclosure papers? Will you be hearing the voice of that annoying debt collector from that credit card company before the day is over?

Being in debt can provide a number of unhealthy emotions. Anxiety, depression, and loss of sleep are the key symptoms that are seen in debt stress. This can be unhealthy as it can lead to drinking, smoking, and overeating.

What can you do to relieve this stress?

Take action. Start with a Member Service Consultant at Family Trust, who can review your credit report and personal situation. Then develop a plan. This doesn’t just include your debts. Look at your income and expenses, your retirement plans, and all of your assets. Then you can develop a plan that can help relieve some of your stress.

Sometimes it helps to have another set of eyes to look into your situation and help you develop a plan. A financial counselor can give you ideas and then you can do what will work best for you and your family. Your goal should be to get out of debt and relieve the stress. The counselor is there to help guide you in the right direction.

Have self-belief. Once you take action in dealing with your debt you will start to feel triumph. You have now taken control of your debt instead of your debt having control of you. Even if you are still living paycheck to paycheck, you are able to account for every penny you are bringing in and are able to keep your debts under control.

Once you have control of your debts you will then notice the stress begin to fade. You will be able to focus more on other issues rather than thinking non-stop as to how you are going to pay your mortgage or how you are going to handle the collectors when they call.

How do I relieve the stress if I am unemployed?

If you are unemployed or had a reduction in hours, contact your creditors immediately. Do not wait for them to call you when you are delinquent. Creditors would much rather have your money than repossess your car or house. They are willing to work with you if you put forth an effort.

When you call, make sure you have a list of your current expenses and have a projected amount as to what you can afford to pay. This is another benefit from visiting with a financial counselor. They will advise you as to what you are able to afford in terms of payments while you are unemployed.

Getting out of debt can be a challenge. Don’t let yourself reach that point of no return.

Learn how to save money.

Learn how to sacrifice money and get out of debt.

Jennifer Panther is a certified financial counselor with Financially Focused in Rock Hill.