Just about everyone I talk to recognizes that debt is part of life. It’s part of being a consumer. It seems that all of us are juggling debts, whether it’s a mortgage, student loans, credit cards – or all three. Taking loans can help you afford a home or earn a college degree (something that most Americans do not have), so debt is not felt by just the have-nots. In a recent blog entry, we addressed the misperception that “subprime borrowers” are to blame for our current housing crisis, but the truth is, debt affects the poor and the privileged, every part of the socio-economic spectrum.
However, when you have more debt than you can handle, particularly when it’s high-interest credit card debt, it negatively impacts your mood, your health and your relationships. It is important to understand not just how to handle debt and manage your finances, but also how to manage the stresses related to debt and the prospect of paying off loans.
Keep track
Part of handling your debt and handling your stress is learning how to keep track of your spending. Exactly how much debt do you have and how much money can you put toward paying it down each month? Add up your credit card balances, then track your expenses for about a month, taking stock of every dollar that goes out of your wallet. It will be easier to see what can be eliminated. Put extra money toward the card with the highest interest rate while paying the minimums on the others.
When to seek help
It’s possible your debt load is so large, you just can’t manage it. Your monthly income won’t allow you to make payments while keeping up with other expenses and putting food on the table. If that’s the case, don’t just tread water. Start with a credit counseling agency. A savvy counselor should be able to put you on a debt management plan that will have you out of debt in three to five years.
Find ways to relax your body
Every day, do something that makes you feel calm and cools your mood. It will help clear your mind and reset your brain. Make an effort to fit in some heart-pumping exercise, as well. You don’t need to pay for gym membership – a run, some jumping jacks or a walk will do just fine.
Tags: debt, Debt Settlement, financial protection
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