How to Stop Stressing Over Debt

Having access to credit can be financially freeing, especially when life throws you a curveball, but it can be a burden as well. Balances can get out of hand quickly, and the worry of getting out from under that debt can cause you a great deal of stress. If there’s one thing all of us need less of, it’s stress. It may feel like you’ll never be out of debt, but there are steps you can take to solve your financial challenges. And sometimes, just knowing you have a plan can help ease your anxiety.

Tip 1: Take stock of your finances.

You might be tempted to try and relieve some of that stress by simply avoiding the stressor—leaving bills and credit card statements unopened, dodging phone calls from creditors, and so on. Unfortunately, this will likely add to your stress over time as your situation worsens. The first step towards relieving your stress is to take an inventory of your financial condition by listing your income, spending and debt by name or category over at least one month. 

You don’t have to go it alone, though—there are a number of websites and apps dedicated to helping you take inventory of income and expenses. Make sure to list every source of income and ALL your spending. As painful as this may seem, it is important that you have a clear understanding of your financial situation. 

Tip 2: Cut yourself a break.

As you review your debt and finances, resist the urge to blame or punish yourself for your financial condition. Remember that anyone can encounter financial challenges and beating yourself up will not fix anything. Your ability to focus on the things you can control will go a long way to a return to financial freedom.

Tip 3: Create a plan—and then make it happen.

Just as there are a variety of ways one can fall into money problems, there are a wide range of solutions to resolve them. These solutions could include decreasing unnecessary spending, increasing your income by getting a second job or even declaring bankruptcy. 

  1. Set a budget that includes all necessary spending
    Examine your monthly spending and divide it into necessary and unnecessary spending. 
  2. Find ways to eliminate or reduce unnecessary daily spending.
    As you look at your unnecessary spending in detail, see if you can identify patterns in your spending or any specific triggers (like “window shopping” online or in stores) that cause you to spend money unnecessarily. Once you’ve identified your patterns and triggers, look for ways to make small daily changes that will save money. Not only do these little savings add up, taking charge of your daily habits will help you feel more in control of your finances and thereby reduce your stress. 
  3. Balance income with necessary spending.
    Determine if you have enough income to pay for your necessary spending. If you don’t, seek ways to increase your income like finding a higher paying job or even a second job. If this isn’t possible for you, seek ways to reduce or eliminate necessary spending like replacing an expensive car with a less expensive one to reduce or eliminate a high monthly car payment. However you’re able to do it, your goal is to balance income and spending to eliminate any monthly deficit and free up cash to pay down your debt. 

If you’re having a hard time putting such a financial plan in place, you can also try reaching out to your creditors to explain your situation. Your creditors may be willing to help you, depending on your circumstances. If so, you could potentially negotiate a balance credit or altered payment schedule. It can be done, but creditors can be a tough group to negotiate with. Plus, no one enjoys talking about their debt—especially with the group you owe it to. The idea of dealing with your creditors may even cause you more stress! So, what now?

If you’re looking to negotiate with your creditors, you might consider enlisting the help of a third party to help ease the burden—a debt settlement partner like ACCS handles the negotiations for you! The team at ACCS has years of success negotiating with creditors of all types. They’ll work with you to create a simple repayment plan with one affordable monthly payment that works for your financial situation. Once your plan is in place, the ACCS team will provide you with plenty of resources and support to ensure that your plan keeps working for you and ultimately eliminates all your debt. 

So, take a deep breath and give the team at ACCS a call at (877) 820-2954 —we can help you on your way to becoming both debt-free and stress-free. You can also request your Custom Debt Relief Plan here

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