Being in debt can be very stressful, and if you don't know how to get out of debt, like how to combine your bills, it can ruin your life. When dealing with stress over debt, it can help to remind ourselves that "this, too, shall pass" if we take steps to make sure it does.
Here are seven things you can do to deal with the stress of debt and start moving toward a better financial future:
- BILLS SHOULD BE COMBINED. The first and most important thing you need to do is combine your bills to save money on interest and get more money each month. If you've looked into your options, you'll know which way to refinance is best for you.
- DON'T THROW AWAY YOUR PROGRESS. When you combine your bills, you'll have more money each month. Don't throw away this money. If you can, use some of it to pay off your debt as quickly as possible, and save the rest so you have something to fall back on and aren't tempted to take on more debt.
- TAKE ACTION. If you need to talk to your creditors about a payment plan, you should do so. If you need to switch suppliers to get a better deal, do that as well. If you have to make payments on more than one credit card or loan, choose the loan with the lowest interest rate and cost to pay off all of your debts at once.
- ENJOY YOUR LIFE. Stress about debt can take all the fun out of your life. So, you need to plan for ways to have fun in your life. Make sure you have enough money in your budget to have some fun and buy some things you like. Stress can also be caused by being unhappy, so look for ways to be happy and enjoy life even if you are on a tight budget. It is possible. Think about the things you like to do. Now think of ways you can do these things on a budget. Try new things. Your life will be better because of it, and you'll be glad you did it.
- FACE FACTS. Too often, when we are overwhelmed by how much debt we have and how little money we have, we put off taking action. We haven't done the things we need to do. Why? Because depression can strike hard when things are bad. We can feel like we're drowning in debt stress, and we can't do anything about it because we can't move. Most of us know at least one person who doesn't like getting mail because they are afraid of getting more bills or letters of demand. People often don't open the mail when it comes in because they don't want to see one more bill. Even though this makes sense, it is a bad idea. If you ignore the problem, it will only get worse and cause you more stress.
- Live on a budget that makes sense. If we spend more than we can afford, we will feel stressed. It really can't be helped. So sticking to a budget is an important way to deal with financial stress. A budget doesn't need to be harsh, but it does need to be fair. On the Internet, you can find good budget guides and print out a form that works for most people. At first, it's a good idea to keep track of how much you spend. You might be surprised to find out where your money goes. When it comes to money, being clueless is not a good thing. It's just plain old stress!
- DECIDE TO TAKE ACTION. Every change starts with a choice. You must DECIDE to do something to get out of debt and deal with the stress that comes with it. Find out about the choices you have. Bill consolidation is a big way to ease the stress of being in debt. Check out the different ways you could do this. Get help from a professional.
If you consolidate your bills and do the other things we've talked about here, you'll be well on your way to getting out of debt and having a better financial future.
