5 Ways to Overcome Debt Stress
Stress and anxiety over debt is, unfortunately, very common. It can take a toll on your health, sleep and relationships. These five steps will help you reduce your debt and the accompanying stress.
5 Ways to Reduce Stress and Debt
- Know Your Rights
Debts can be turned over to a collection agency after a certain amount of time. The agency will then try to collect the debt by calling you frequently, which can increase your stress, especially if they’re using illegal means to try and pressure you. Collection agencies, like all companies, have rules they must follow. They cannot use obscene language, try to deceive you about why they’re calling or threaten you with arrest if you don’t pay your debt. If an agency is breaking the law, contact the Federal Trade Commission or your state’s Attorney General’s office.
- Get Qualified Help
Debt counselors can offer financial education and work directly with creditors on your behalf. When choosing a debt counselor, making sure they are accredited and certified and the organization they work for ensures they adhere to core policies and undergo audits.
- Take Care of Yourself
Stress can take a toll on your body and mind and has even been linked to chronic health issues, like high blood pressure and obesity. As you’re taking positive steps toward reducing your debt, don’t forget to take care of yourself. Get moving by taking yoga classes or even a walk. Make an effort to eat healthy foods and adhere to a consistent sleep schedule.
- Prioritize Your Spending
When you’re working to eliminate debt, making responsible cuts to your spending will make paying off debt easier. Make a list of your expenses, and limit your spending to necessities. This will also help you save money for emergencies.
- Stop Adding New Debt
When you’re already carrying too much debt, don’t add more expenses to your credit cards or take on any additional sources of debt. Oftentimes, people who are struggling with debt increase the lines of credit on their current credit cards or open new ones. While, having access to more money may help you feel less overwhelmed for a short period of time, you’re ultimately increasing your debt.
If you’re stressed about debt, contact Clark County Credit Union today at 702-228-2228. We’ve partnered with BALANCE to give you free access to expert tips and resources to help you eliminate debt and become more financially stable.