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Coping With Debt

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Coping with Debt
Financial Stress and Anxiety Management

How to deal mentally in everyday life with the burden of debt
so that you can beat debt without stress

Debt is a burden. It feels heavy, it can overwhelm us, it can take things away from us,
it can make us do things we don’t feel like doing and it can reduce your quality of life.
What’s the best way to cope with debt and financial stress and anxiety like this?
There are many people out there who need to read this article.
Because there are healthy, psychologically-backed ways to manage,
cope with and reduce the emotional pain of debt.

Manage Debt Sydney, Debt Psychology Melbourne, Handling Financial Stress Brisbane

Look On The Bright Side And Put Debt In Context | Managing Financial Worry Canberra

Curb your debt stresses by putting your debts in perspective

If you’re fretting about your debt right now. Stop for a second and look around. Think about all the things that are going right in your life at the moment. You might have a family, fairly good health, a love of music and something to look forward to in the near future. These are all good things whether you have debt or you don’t. Debt shouldn’t spoil them for you, because it’s not the only thing in your life. Debt can seem like a dark cloud over your life, but remember that like all storm clouds, the dark cloud of debt will eventually pass.

We’re telling you this not so that you disregard debt, but so that you don’t let it overwhelm you. Many if not most debtors aren’t the kind of reckless spenders depicted in stereotypes. They’re reasonable people who had the misfortune of finding themselves in debt. These are the people that this point applies most to, because they are much more at risk of caring too much about their debt, not not enough.

So don’t use this point as an excuse to go on a spending spree. But a good exercise to reduce financial worry is to stop and look around you. Do you see any actual debt threatening you, harming you, weighing you down, making you depressed? No, because it’s not a physical thing that should have this effect on your everyday life. It is serious, but not physically threatening or medical. Next time you experience financial anxiety, stop, take some deep breaths and look around you. It’s probably a beautiful day.

Respond To Debt In A Positive, Not Negative Way | Debt Psychology Sydney

Use positivity to reduce your debts, see it as a chance to start a new

When faced with the problem of debt, financial insecurity and bankruptcy, there are two ways to cope: a positive way and a negative way. And one of these is clearly better.

The positive way involves using debt as a motivator to turn your finances around. It makes you more active in ways that have a lasting positive impact even after the debt is gone.

The negative way of coping involves using debt as a reason, even an excuse to act in destructive, damaging and detrimental ways. Often this exacerbates your current debt situation further, and only increases the bad habits that may have gotten you into debt in the first place.

The positive way is clearly better. Why would anyone use the negative way of coping with debt?

It’s easier… in the short term. Instead of dealing with the debt head-on, it’s more comfortable to block it out and run away from it. There’s no work involved in spending more money, delving deeper into bad habits and unleashing negative emotions destructively whenever they are experienced. But this approach soon hits a brick wall. You could face a debt trap, bankruptcy, insolvency, and you could get a black mark on your credit history making it impossible to keep spending.

Here are some tips to motivate yourself positively to overcome debt, and not succumb to the dark side of coping with financial stress:

  • Have a one-day-at-a-time mentality. When thinking about the days of repayments all stacked up into the future, debt can seem insurmountable. But by rejoicing in each small step towards financial stability, the journey wont seem so long.
  • Fight bad habits with good habits. It’s all about building habits. Out with the old and in with the new. If a lottery ticket every afternoon made your day, how about rewarding yourself instead with some TV or reading time (they’re fun, but also free)?
  • Dispose negative thoughts. If your brain is having a bad day and telling you things like: “you can’t do it”, “give up now” or something along those lines, don’t give up. In doing so, you’re proving those thoughts right. You need to prove those thoughts wrong by doing it and not giving up. Then later, when the thoughts have been vanquished, you should find yourself feeling pretty good about yourself.

Set Small Goals That Build Up To Your Main Goal | Debt Mentality Brisbane

Setting achievable goals in the short term will help you achieve your long term goal

The daunting thing about debt is the big number owing. It just seems so large and it is just so absolute. You’ve worked out how long it will take to pay it off, how many times your annual salary it is and how little you can spend in the time being.

Coming to terms with those figures is tough, but the end-goal view may not be the most motivating one to take. The thing is, that it’s so big that it can easily have negative motivation rather than positive motivation. It’s better to create short term goals and work towards each of them individually. Then you’ll be able to see real progress in how much you’re saving and paying back.

Here’s an example of goals along the way to repaying $50,000. And note, that this isn’t the kind of thing that should be planned. Coming up with goals along the way is often more motivating:

  • Repayed first $1000.
  • Repayed next $1000.
  • Repayed $5000 total. Repaid 10% woo!
  • Repayed $8000. That’s all the money I spent on gambling—doesn’t it feel good to have that off my chest.
  • Repayed $10,000—20% already!
  • Repayed $50,000—100%. I'm debt free

Don’t Let Debt Impact Your Life Beyond Working & Saving | Living With Debt Adelaide

Keep a clear head when it comes to your debt and your regular life

The downside of debt is that it makes you work more and spend less to pay it off. That’s it though. It’s not an increase in the Earth’s gravity, it’s not a mental illness, it’s not a health problem or risk of starvation or death in the family. Sorry to be morbid but a key thing is to put it in perspective. When you do you realise that it’s just about increasing your positive motivation and looking on the bright side in the meantime—appreciating all the things that are going well in life and rejoicing in each small but sure step towards being debt free.

If you need help with your debt then call Get Out Of Debt Today on (02) 9011 7919 and get expert advice on reducing your debts. We will negotiate with your creditors on your behalf, getting you more time and lower repayments that you are able to keep up with. Call now for a free consultation and information session.

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