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Stress-Free Ways To Deal With Debt

May 9, 2018 |

It’s no secret that debt, when left unmanaged, can wreak legitimate havoc on your life. It can cause sleepless nights, high levels of stress, and difficulties in your relationships. If you’ve been struggling with high levels of debt and haven’t found a solution yet, it’s time to break the problem down and start tackling it head on. Use these steps to get started.

 

Create a consolidation plan.

Often, having multiple outstanding debts can cause the issue to feel even more stressful and overwhelming. Consolidating your debts into one loan that you repay on a weekly or monthly basis can help simplify the matter and allow you to direct your repayments in a clear way. Applying for a quick finance loan at swoosh.com.au gives you the opportunity to consolidate all of your debts into a loan that has one fixed rate, one bill, and one payment to tackle, rather than multiple debts that overwhelm you.

Speak to a debt advisory service.

There are plenty of non-profit services out there that will offer free advice to help you bring yourself out of a position of debt and into a place of financial freedom. They’ll give you strategies to help deal with the debt one step at a time, advice on where to begin, and techniques to help you manage your money better so you can move forward with a budget that really works for your household.

Let it out.

Many people become secretive when it comes to financial difficulties and feel like they can’t discuss it with others. This secrecy will only increase feelings of shame, anxiety, and depression, and can even cause problems with your relationships with your loved ones, especially your partner. If you’re struggling with high levels of stress as a result of your financial difficulties, open up to people you trust so you have someone to turn to in hard times. This may be a good friend, a family member or a religious leader – whoever it is, make sure you’re open and honest so they can help advise you or just offer a compassionate listening ear.

Look at your budget.

You may wrongfully believe that there’s no room in your budget to begin to pay off your debts. A good way to work out whether this is true or not is to simply revisit your monthly budget, and consider if there are any areas where you could make cuts to redirect funds towards your debt repayment. Look for opportunities to save – this could be something as simple as switching up your internet or energy provider to save cash, and use the extra money to start making a dent in that debt.

Resist the urge to stress-shop.

It may seem contradictory, but some people find themselves becoming more reckless with their spending as their debt grows in size. This may be down to the feeling that things have already gotten so bad, you may as well go all out and buy the items you really want. After all, the debt isn’t going anyway anytime soon, so why not add to it? This urge can be extremely damaging and drag you into an even more stressful financial situation, so try to cope with your anxiety in healthier ways that don’t involve spending any money.

 

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