You can’t stop thinking about debt. It distracts you when you’re working. It creeps into your conversations. It stops you from getting a good night’s sleep.
Calling your debt problems stressful is an understatement. Sometimes you feel like the anxiety is taking over your life. How can you get relief?
Get Financial Help
Get to the root of the problem first. Gaining control of your personal finances will bring you some relief. Start by going to a licensed insolvency trustee for help. They will assess your financial situation to see whether you should take actions like sign up for credit counseling at Irwin Insolvency, file a consumer proposal or file for personal bankruptcy.
There is a lot of stigma that surrounds bankruptcy. People are afraid of it, but that’s often because they only know myths and misinformation.
Personal bankruptcy is a legal process where you officially declare that you’re insolvent. Then, the licensed insolvency trustee will settle some of your assets and disburse the results to your creditors. When you’ve completed the process, you will be discharged and officially released from your debts. Click here to learn more about how to file for bankruptcy and how to complete the process of bankruptcy with the help of a trustee.
Personal bankruptcy is not a life-ending disaster. It’s an opportunity for a clean slate. If you’re still concerned about the process, you should know that a trustee will only suggest bankruptcy as a last resort. They will often discuss strategies like budgeting, credit counselling and consumer proposals beforehand.
Talk to Someone
Debt is extremely stressful because it’s a taboo subject. People carry a lot of embarrassment and shame about their financial problems. They feel like their debt is a sign of weakness or failure. They’re worried that others will judge them, mock them or think less of them. If you feel this way, it’s important that you know that anyone can experience money trouble — the impact of COVID-19 proves that millions can suddenly become financially unstable.
Dealing with your debt on your own will make things much harder. Reach out to a friend or family member that you trust and talk to them about it. They are your support system, after all.
If you can’t bring yourself to talk to someone you know, you could always talk to a therapist. They can help you navigate your stresses and anxieties. If the price-tag is stopping you from seeking therapy, there are lots of free mental healthcare options out there that you can use. You don’t have to handle this all alone.
Find Healthy Coping Mechanisms
Your money problems won’t disappear in an instant — so your stress won’t either. To manage your stress levels, you should find healthy coping mechanisms. Here are some simple ideas that you can try:
- Deep breathing exercises
- Meditation
- Journaling
- Going for walks
- Listening to music
You could find something else. Any activity that is mindful and relaxing will help you cope with negative feelings.
Debt doesn’t have to have a grip on you forever. When you follow these simple steps, you’ll find that you can breathe a little easier. You’re going to be okay.
