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The Human Side: Debt Stress
In all the technical discussion you hear about
credit card debt, the best ways to manage it and
pay it off and all the rest, one thing
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goes largely
ignored. Credit card debt is extremely stressful,
and can have a very negative effect on your life,
if you let it. It’s as bad as an addiction,
always hanging over you, bringing you down, making
it hard to life your life the way you want to. In
this article, we’ll take a look at how you
can recognise debt stress, and what you can do about
it.
The Symptoms of Debt Stress.
There are an awful lot of symptoms that can be
caused by stress. Some of the most common ones are:
headaches, not being able to sleep, feeling depressed
and irritable, and being forgetful and unable to
concentrate on what you’re doing. If you’re
not sure whether your symptoms are related to stress
or something else, you should go and see a doctor.
Who Gets It?
Almost everyone who has debts is stressed about
them. Debt is blamed for millions of days off work
every year, and is one of the leading causes of
suicide – it seems like most times you read
about someone who has committed suicide, their name
is followed by “who owed [a very large amount]
in debts”. Students and graduates are especially
vulnerable, as debt is growing amongst them faster
than in any other group.
The average adult owes many thousands in debts
– and since that’s the average, it means
that many people must owe much more. Never forget
that you’re not alone, and there’s always
someone worse off than you.
How to Deal With It.
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Stress caused by debts is often considered to be
embarrassing, or shameful. People with lots of debts
don’t want to talk about it, even with their
family, for fear of upsetting people or looking
like a failure. It is very important, though, that
you do talk about your problems, as keeping it all
inside yourself will make you much, much more stressed.
It is especially important that you talk to your
partner – they are the number one person who
can support you.
The best thing to do then is to find two people:
one who can advise you, and one who can be a counsellor.
That means a professional who knows what they’re
doing in financial matters, as well as a psychologist
or psychiatrist, or some other kind of counsellor.
Don’t let stigmas put you off – this
is about your health.
The next thing to do is to have a good think about
how you got that debt to begin with. See if you
can find old credit card statements. What did you
spend the money on? You need to sit down, work out
a budget, cut unnecessary expenses and try to free
up as much money as you can to pay back debts. Even
if it’ll be a long time before you get everything
paid off, knowing that your debt is gradually going
downwards can be an excellent cure for debt stress.
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