How You Can Take Back Your Life Even With Debt
For households who have credit card balance each month, the average is $16,000 owed. Interest for credit card debt costs them $1,300 annually.
For people who feel burdened by their credit card debt or just stressed out, there is hope. If you can understand the emotions and actions that concern debt and how to handle them, you can better your health – financially and mentally.
- Feeling Powerless – If you have a lot of debt, you may feel like you have no power. However, you can. You just need to take control over your debt. Live frugally for several years and throw every dime you can at the debt you owe. You’ll eliminate the debt and the feeling at the same time.
- Fear, Concern – Debt makes anyone nervous, but by being proactive, you can eliminate it. If you can’t control your spending habits with the credit cards, take them out of your wallet. If you have to, freeze them or put them in a safe deposit box. Keep the accounts open since they can damage your credit if you close them.
- Retail Shopping – Close to two-thirds of women and 40% of men spend money to better their mood. Sales clerks are not your best friends. They want to make a sale, as they tend to work on commission. Plus, any feelings of happiness you have buying those items fade fast, leaving you to pay the balance. This is called buyer’s remorse.
- Drop In Defenses – There’s a good reason why you should never shop when you’re hungry, as you tend to buy more than you should and buy things you don’t need. The same thing goes for shopping online. When you feel your defenses are down, don’t go shopping.
- Cause To Celebrate – When you feel happy about something, you may splurge financially, which is a very bad thing. You can buy something but don’t go overboard. Something small is much better and won’t put your finances in jeopardy.
- PTSD-Like Symptoms – People who are in debt tend to experience symptoms of PTSD. They start to avoid and deny they’re in debt. They have nightmares and they worry about becoming homeless because of the debt. Don’t do this to yourself. Instead, go out and exercise, meditate or get some counseling.
If you’re really having problems getting your debt under control, seek out professional help. There are expert financial advisors who can help you address you debt problems. Listen to what they have to say and follow their advice to get back on the road to financial freedom.