Debt: Paying the Emotional TollMay 24, 2019
Owing money to others or financial institutions feels bad at times. Stressing out over debt or multiple sources of debt is perfectly normal and happens to nearly everyone who has hit hard times.
While being particularly emotional while in debt is completely common and understandable, it may make you feel as though you are alone in this problem and that no one else is having the same issues.
However, each of the most common forms of debt carries specific kinds of emotional tolls. This contributes to the isolating state of mind of being in debt because the people you know could have another variety of debt than you do.
Credit Card Debt
Are you distraught over your mounting credit card debt? In most cases, making minimum payments means you also have to pay a lot of interest. To get a handle on your level of tension, check your credit score online for free and make strides in saving rather than spending to keep your financial status from falling apart.
Student Loan Debt
College, university and technical school tuition debt makes recent graduates very nervous when entering the job market. Instead of agitation and worry, be thankful for the education you received which can never be taken away from you.
A daunting 30 years’ worth of payments on the interest and the principal amount on one of life's most expensive investments is nerve-wracking at best. However, enjoy knowing your home is your own and you are not throwing money away on rent anymore.
Business Loan Debt
Starting your own business requires capital, and it is said profits can take years to roll in. Entrepreneurship is often a nail-biting, agitating endeavor, but bear in mind it is worth it in the end to take the risk and be your own boss.
Do you owe back taxes to the government? This is a frightening predicament. To avoid legal troubles, get with an accountant to try setting up a way to get an extension from the IRS. If this does not apply to your situation, do not avoid the issue.
Contact an expert to find out how to resolve your debt as soon as possible.
Procedures, surgeries, and hospital stays add up very quickly and are often unexpected expenses. Even with help from health insurance, it is easy to become worked up over the many surprising medical bills in your mailbox. Try calling and setting up a manageable payment plan and try to avoid letting the debt affect your health even further.
Although it is tempting to become hysterical, irrational and impulsive during times of financial hardships, remember not to let it affect every aspect of your emotional life. Sure, debt takes its toll on anyone who has experienced it, but getting overly anxious about it does not fix the root problem.
So always take a step back before freaking out. Also, remember to try to relax and realize there are many others in the same boat. This way you know you indeed are not alone when it comes to dealing with debt.