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How to Live with Debt and Maintain Your Mental Health

debt and mental health

 

Struggling with lots of debt and wondering how you’re going to pay it off – or even down – can keep you up at night. And if you’re not careful, it can take a toll on your health – both your mental and your physical health. Something has to change. If you’re wondering how to get out of debt, we have answers and can help you manage. If it makes you feel any better, you’re not alone. Total household debt in America (mortgages, student loans, car loans, credit card, and other debt) is at record levels. Americans seem to be obsessed with credit cards, on average carrying a credit card average of $6,354. Many are having trouble keeping up with payments. Where do you fall in that category? Are you in too much debt and worry about how you’re going to pay your bills?

 

credit card debt and mental health

 

Signs That You’re in Financial Trouble

Sometimes the signs that you need financial help are obvious. In case you’re wondering where you stand, here are some red flags that you’re in over your head and should consider getting help with managing your debt load:

  • You’re missing payments. You don’t pay every bill, every month. You’re selectively paying bills across the board. Creditors are constantly calling you.
  • You’ve maxed out on your credit cards and can no longer use them, and the minute you make a payment, the balance increases or interest and late fees are eating up any “wiggle” room.
  • You’re getting cash from your credit cards or getting cash advances, which come with high interest rates and major fees.
  • You’re paying ridiculous amounts of money each month, due to high interest rates, late fees, or fees to restore your phone service or utilities.
  • You’re constantly borrowing money from family or friends.

How to Get Out of Debt

If you’re doing any of the above, you’re in financial hot water.  If you’re wondering how to pay off debt fast, we have some suggestions and solutions. Here are some tips to get out of debt:

  • Track your spending – A great way to do that is with a  budgeting app, many of which are free of charge.
  • Get an extra job – Look for part-time jobs that pay well.  
  • Downsize your lifestyle – Eat out less, and when you do go to a restaurant, consider splitting a meal. The portions are pretty big.
  • Entertain the family at home instead of going out and paying for expensive movie tickets.  
  • Cut back on your visits to the hair/nail salon.
  • Buy with cash instead of credit cards – We tend to spend more money when using credit cards.
  • Talk to us about how to get rid of debt.

 

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We Can Help You Better Manage Your Debt

When you think about it, the majority of us will always have some type of debt. Believe it or not, you can live with debt and maintain your mental health. Call Your Consumer Services at 866-858-3384, and let us help you get started. The sooner, the better.  We can help you to stop worrying about your debt, so you can sleep more peacefully at night.

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