Carrying high debt balances can feel like walking around with a weight on your shoulders. And so allow The Law Offices Of Ronald E. Stadtmueller to deal with your debt stress.
When stress from high-interest loans and credit card debt is taking a toll on your mental health, finding ways to relieve the pressure is vital. While trying to cope with debt anxiety by pushing thoughts of your debt away and financial difficulty is expected, that only prolongs your strain. You will find more lasting relief by finding specific, transparent, and sustainable ways to address your debt. Here are five tips from the Law Offices Of Ronald E. Stadtmueller for dealing with debt stress.
1. Face Your Debt Head-On. When financial challenges become a source of looming uncertainty or dread, trying to avoid acknowledging your debt is not unusual. Although this may feel like a way to escape discomfort, it only elates the stress and financial burden.
Instead, clarify what you owe—and what it costs you. Take a deep breath and acknowledge that, even though the state of your finances becomes dreadful, there are still financial resources that can aid you in building a debt-free future.
2. Set Priorities. Now that you know exactly what you owe, decide which of your debts to focus on paying off first. This can not only be a more efficient way forward, but narrowing your focus can create an overwhelming situation that feels manageable.
3. Create a Budget. Budgeting may feel overwhelming when your finances are a source of stress and money tightness. Or, worse, you may even feel it is pointless to make a romantic plan for your money when you still determine if you can stay afloat.
In truth, the more financial stress you are under, the more critical it is to start a budget. At its core, a budget is simply a plan for where your money will go. It helps you see how much you will have left over after paying for your non-negotiables, such as basic food and housing, plus meeting your minimum debt obligations.
4. Supplement Your Income. High debt combined with challenges in making ends meet can create money anxiety. An increase in income, even a slight one, can aid you in improving your cash flow, directing more funds toward your debt, building an emergency fund, and regaining control.
5. Seek Professional Support. Consider meeting with a credit counselor to discuss your debt and plan a path forward. Credit counselors are financial professionals who review your debt and finances with you and recommend what you should do next. They can aid you in creating a budget and prioritizing which debts to pay off.
The Law Offices Of Ronald E. Stadtmueller
In our struggling economy, you deserve relief when crushed by overwhelming debt. At the Law Offices of Ronald E. Stadtmueller, we fight for your right to make a fresh start and free you from unmanageable debt and irritating creditors.
Trust us, for we draw on over 30 years of experience guiding clients in California through bankruptcy. Allow our attorney to help you regain a firm financial footing.
Our get-out-of-debt law offices in San Diego thoroughly evaluate your finances before advising you to file for bankruptcy. After reviewing your income, debts, and other expenses, we counsel you on the actual and total impact that bankruptcy will have on your family, business, home, and future credit. Contact us now to schedule your free consultation.
Make Self-Care a Priority
When debt stress impacts your mental health, start by taking care of yourself. Stay connected by contacting friends and family you can trust to discuss your finances and let them know what you are dealing with.
While debt is serious, financial problems do not have to be permanent. It must always be in your best interest to have a positive outlook while you work toward brighter days ahead.