Debt Guru: Combating Debt’s Emotional Effects

Being in debt sucks.

It impacts your relationships. It impacts your self-esteem. It is the 800-pound gorilla in the room, but it's a gorilla that follows you even when you leave. 

If you are in debt, you think about it when you try to sleep at night. You think about it when you wake up in the morning. 

Especially if you have no plan to attack your debt. If that's you, debt might as well be a gorilla that volunteered you to give him a piggy-back ride and has no intention of getting off.

DebtGuru.com had a good article about the emotional impact debt can have on us. I found it useful. I hope you will too.

Combating Debt’s Emotional Effects

Trying to keep a good attitude while in debt is like trying to keep dry in a rainstorm.  But, when those intimidating rain clouds open up on you, it’s important to remember it’s just water.  And when debt bears down on you, it’s just money.  Certainly, you’ve heard your fair share of financial advice on how to get out of debt.  But, now, we want to address how you can handle some of the crippling emotional effects associated with debt.

No one enjoys the feeling of owing money.  Frustration, anger, and anxiety can arise from even the slightest bit of debt.  Okay, maybe you won’t be too angry over the $5 you owe Johnny for lunch yesterday.  But, you might get a little angry when you have trouble paying the minimum on your credit card.  As debt increases, the emotional effects increase.  Of course, it’s important to take financial initiatives in combating debt, but it’s also important to combat the emotional effects which can take a serious toll on your physical health.  Everyone should agree that debt is certainly not worth dying over.  So, here are a few tips to help reduce the emotional effects of debt.

Avoid Denial

Putting something out of your mind might seem like a good idea at first glance.  But, stress and anxiety have a funny way of creeping right back into our brain.  Believe it or not, facing your debt problems head on will make you feel exponentially better.  The first thing someone with a drug or alcohol problem does is admit that they have a problem.  The same should go with an individual with a financial problem.

Find a Friend

The first person you talk with about your debt problem doesn’t have to be a financial advisor.  Don’t let your debt be a secret.  Talk with a family member or a friend—anyone who will be non-judgmental.  Being honest with someone else will help you be honest with yourself.

Don’t Beat Yourself Up

Of course, you’re mad at yourself for making a few purchases you couldn’t afford.  But, like any other mistake, it’s in the past.  You should learn from a mistake but never dwell on one.  Dwelling on a mistake will result in procrastination whereas learning results in productivity.  You’ve made a mistake.  Now move on.

Go Do Something

Your debt won’t disappear overnight and neither will the stress.  But, there are plenty of free, or at least cheap, ways to subdue stress. Take 30 minutes or an hour and go exercise.  Go for a run. Go hit a punching bag. Do something to get those endorphins—your body’s feel-good chemical—pumping.  Take some time to meditate and do some breathing exercises.  You might be surprised as to how good these activities can make you feel.

Make a Plan and Make it Known

Once you get your head on straight.  It’s time to make a plan. If you can’t do it yourself, seek out a friendly debt management program.  But, regardless of how you set your plan up, make sure people know about it.  This will help you stick to it.  If you’re being pestered by creditors, call them and let them know your plan.  Tell them how much you can pay and when you can pay it.  This will get them out of your hair and reduce some of the stress.

For more articles and info from Debt Guru, check out their site at: www.debtguru.com.