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Five Smart Ways to Cope with Debt-Laden Stress

Sat, Jul. 02, 2016 Posted: 06:50 AM


If you’re in debt, it is only obvious that you would be looking for a ray of hope that can help you to cope with it. We’re here to provide you a glimmer that you have been looking for a while.

Debt-laden stress can be very challenging as it does not fade away so simply, until and unless the debts are paid off. The massive amount of stress a person goes through, due to the debt problems can take a huge toll on one’s mental and physical health.

Bottling up your tensions or contemplating on them on your own has never been a good option for coping with debt-laden stress. There are few smart ways to cope with debt-laden stress and five of the most obvious ones are listed below:

1) Realize the worth of money & stop spending recklessly

Gone are those days when you didn’t even think twice about the price tag before buying that lovely Steve Madden beige pump or the Armani jeans. When you are in debt, learn to curtail your expenses or rather it would be better to say, stop spending recklessly. Until you save yourself from the debt situation, it would be much appreciable to spend on necessities instead of mere extravagant, unimportant assets. You need to realize how vital it is to have enough liquid cash at hand for day to day expenses. Set a plan in your mind which could keep you going for the rest of the month without any shortage. Use a certain portion of your monthly remuneration to pay off the debt gradually. There is no other way out from this debt-laden stress.

2) Save money as much as possible

No one knows the importance of money now as you do. Thus, start saving as much as possible to come out of this impediment. The only step which can pull you out of the debt predicament is saving money as much as possible. Put an end to the spendthrift ways you had earlier, or else debt-laden stress would engulf you in its clasp. Stop purchasing branded items and start living a low-profile life. Suppose you want to have a good meal, ditch the prospect of going to a five-star for dinner. Rather get some ingredients from the market and cook yourself a meal and treat your family. This could be a great stress-buster. The usual extravagant things you did in your daily life can get down to simple, cost-efficient yet amusing things of your life, which in turn, is a smart way to cope with debt-laden stress. Leave the gym membership and go for a morning walk or jog in the nearby park. This could also reduce your expense with a natural healthier alternative. These are few ways to help you save money for clearing the debts.

3) Do not fall prey to the illusion of credit limit increase

In order to escape the stress of debts, people tend to increase their credit card limit or purchase a new credit card. This although would ensure that you have a steady flow of cash, but this happiness is short-lived. It is nothing but a sort of escapism. These people fail to realize the fact that no temporary trick can free them from the gnawing clutches of debt. Moreover, falling prey to such illusions would lead them to sink into debt all the more. You can request any experienced or wise individual to advise you and plan out on some permanent solution for the debt-laden crisis rather than landing yourself in such a deplorable plight for a mere temporary relief.

4) Don’t make your mood an excuse for shopping

You often find yourself feeling low and in order to better your mood, you go out on a shopping spree. Remember one thing. This can never ever be a way to soothe your nerves and make you feel better. You just tend to believe that shopping and spending money makes you feel better. But it definitely does not do so. Instead, it pushes you more in debt. Learn to develop a strong mechanism which says a ‘NO’ to useless expenditure. Try and look for other simple activities which can soothe your nerves and lift up your morale. Undoubtedly, you can have fun even without spending lavishly. What about a sleepover at your friend’s place, cooking, reading or a movie marathon?

5) Define your debt goals and stick to it

As already discussed, plan out everything by listing your debt goals and seeking suggestions from an experienced individual before setting unrealistic goals. Think practically and mark a deadline of when to clear your debt completely and keep yourself determined to your debt goals. In the case of any discrepancy, take unusual measures to balance the shortage of money for repayment. Pawning up your car or other luxurious assets for cash, for a certain period of time and gathering money for clearing the debt, is one of the unusual measures.

Hence, one can cope with debt-laden stress by proper planning, strong determination, and responsible decisions.

Debt-laden stress has proved fatal to so many people. It has been in the news that few businessmen, who were neck-deep in debt, had suffered heart failure and expired. It seems like a not-ending process. With the increasing demand and materialistic approach towards life, people are themselves responsible for landing into the debt crisis.

Hope this article helps you to cope with debt-laden stress efficiently and make free yourself from the spell of debt.

Joy Mali