Six Steps To Take If You Are Depressed And Anxious About Debt

Saturday, October 25, 2014, 1:00 AM | Leave Comment

Being in debt can create enormous financial pressure that can cause anxiety. A loss of sleep is common, and this can lead to depression. The following are six steps to take that will reduce the stress in your life from your bills and lead you down the path of becoming debt-free.

6 Steps To Take If You Are Depressed And Anxious About Debt

  1. Forgive yourself

    Too often people will spend a lot of time with self blame for getting into a debt situation. You need to accept the reality of your finances, no matter how you got there, and move on. The past cannot be changed. Forgive yourself and prepare to make a plan to get yourself out of debt.

  2. Calculating how much you owe

    After acceptance comes taking control of the problem, and the first step in doing this is in knowing how much you owe. Tally up all of the amounts of debt you owe, and get a number for the total. This is your starting point in gaining control. This first step is often the hardest, but it’s essential to face the numbers so you can take care of the problem.

  3. Selling assets

    If you have any assets that you do not absolutely need, you should sell them and use the cash to pay down your debts. Not only will this be a benefit to you financially, it will also bring relief from the stress due to debt.

  4. Income versus monthly expenses and debt

    Write down all of your monthly expenses along with the minimum amount due for each debt that you have. Subtract this from your monthly income. This number will be positive or negative, and the size of the number will dictate the direction you take with your debt problem.

  5. Create a plan

    If you have enough extra money each month, you should make a plan to pay off your debts with this extra money. Focus on paying off the smaller debts first. As each debt is paid off, you will build up your motivation to become debt free.

    If you have a little extra money or are slightly negative, you will want to consider a debt consolidation loan or a debt settlement program. A large negative number will most likely mean bankruptcy. A bankruptcy attorney can help you with this.

  6. Work the plan

    Regardless of the specific plan of action, you must dedicate yourself to working this plan from start to finish. Even if you need to file for bankruptcy, you need to pick up the phone and contact a financial expert. Once you get an initial consultation, you are going to feel much better.

Once you know exactly what your debt situation is and have made a plan to pay your debts off, your anxiety will diminish. As you work your plan and your debts begin to be reduced, your depression will turn to confidences and even excitement.

Becoming debt-free can be a huge relief when it comes to your stress. Informational credit to Faber Inc.

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