Debt stress is a common problem for many Americans, and unfortunately, it can affect people’s finances as well as their health. This holiday season, be mindful of the following information.
According to recent studies, the average American stresses over approximately $47,000 worth of debt, if not more. Credit card debt, mortgage debt, and student loans are the most common causes of debt stress. Worrying about not fulfilling their financial obligations or the constant calling of creditors can lead Americans to increase their unhealthy habits like smoking, drinking alcohol, and overeating. Debt stress can also cause an increase in physical and emotional ailments like fatigue, migraines, high blood pressure, insomnia, anxiety, depression, and irritability.
5 Debt Stress Tips
Are you suffering from debt stress? Listed below are helpful tips to ease your anxiety.
- Let go of denial. Being honest and realistic about debt can be a challenge for some individuals but it is necessary. It’s important to come to grips with your financial status and to reassess the value of money in your life. Debt may seem less overwhelming when you list all the important things in your life like your relationships, your health, or your happiness.
- Talk it out. It’s common for individuals who are experiencing debt stress to bottle up their fears and worries, but this can make things worst. Instead, consider talking to someone you trust like a spiritual advisor, psychiatrist, or friend. For financial guidance, consider a professional financial advisor.
- Budget battle plans. In order to put a stop to your financial troubles, you’ll need to improve your financial literacy and come up with a battle plan. Create a budget that’s strict, but flexible so you can stick to it. It’s also important to find creative ways to say money like looking for hidden costs.
- Earn extra cash. Finding creative methods to make additional money solutions can help with your financial problems. Consider turning your hobbies like knitting, photography, or baking into an additional source of income. These fun activities can help you earn more money and lower your stress. And with winter celebrations coming around you may consider getting into the entrepreneurial holiday spirit.
- Take some time for yourself. When battling with financial problems you may find yourself putting things on hold like your health. In the midst of all the chaos don’t forget to take some time for yourself, whether it’s sitting down and enjoying a cup of tea or taking a power nap after work. Remember that you need to stay healthy in order to address your financial issues properly.