There are dozens of sources giving strategies for
managing credit card debt and for avoiding it entirely, as well as for
preventing fees and penalties. However, most of these miss the effect of credit
card debt on the holder, and how stressful it really is. This article takes a
look at this important aspect of credit card debt, and some possible ways to
cope with it.
Who is
Susceptible?
Nearly everyone who has debt is stressed about it, at
least on some level. Debt is blamed for millions of hours of lost productivity
each year, and seems to be one of the leading causes of suicide. Students and
graduates are especially vulnerable, as debt is growing amongst them faster than
in any other group.
However the average adult also owes many thousands
in debts – and since that's the average, it means that there are many people who
owe more. Take some consolation in this, as you can know that you're not alone,
and there's always someone worse off than you.
Debt Stress Symptoms.
Stress causes a great deal of inconvenient and often
painful side effects, including such symptoms as headaches, not being able to
sleep, feeling depressed and irritable, and being forgetful and unable to
concentrate on what you're doing. To make sure these symptoms are in fact caused
by stress, check with a doctor.
Dealing With Debt Stress
Stress caused by debts is often considered to
be embarrassing or even shameful. People with great deals of debt usually prefer
not to talk about it for fear of
looking like a failure. This strategy of don't ask-don't tell is hurtful,
however, as it makes you much more stressed. It is especially important that you
talk to your partner, as that is the number one person who can support you and
empathize with your stress.
As such, the best thing to do then is to find two
people, each with a different role. One can advise you and help you manage your
debt, and one can be a counselor. These two roles should be filled with a
professional who knows what they're doing in financial matters, as well as a
psychologist or psychiatrist, or some other kind of counselor.
Using
your financial advisor, find out how you got that debt to begin with. See if you
can find old credit card statements and trace where your money went. Use this
knowledge to develop a very conservative budget and begin paying off your debt.
Even just the act of organizing can be a strong aid in reducing debt stress.
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