Thrive II Preview

Debt Is Really Stressful. How Can You Find Relief?

Posted by on September 15, 2020 in Economy, Frugal Living with 0 Comments

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 counselling, 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:

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.

Tags: , , ,

Subscribe

If you enjoyed this article, subscribe now to receive more just like it.

Subscribe via RSS Feed Connect on YouTube

New Title

NOTE: Email is optional. Do NOT enter it if you do NOT want it displayed.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

FAIR USE NOTICE. Many of the articles on this site contain copyrighted material whose use has not been specifically authorized by the copyright owner. We are making this material available in an effort to advance the understanding of environmental issues, human rights, economic and political democracy, and issues of social justice. We believe this constitutes a 'fair use' of the copyrighted material as provided for in Section 107 of the US Copyright Law which contains a list of the various purposes for which the reproduction of a particular work may be considered fair, such as criticism, comment, news reporting, teaching, scholarship, and research. If you wish to use such copyrighted material for purposes of your own that go beyond 'fair use'...you must obtain permission from the copyright owner. And, if you are a copyright owner who wishes to have your content removed, let us know via the "Contact Us" link at the top of the site, and we will promptly remove it.

The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Conscious Life News assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms.

Paid advertising on Conscious Life News may not represent the views and opinions of this website and its contributors. No endorsement of products and services advertised is either expressed or implied.
Top
Send this to a friend