Tips to help you avoid stress and frustration when paying off debt
When you’ve dug yourself into a debt hole and are struggling to climb out of it, you may experience feelings of frustration, stress and hopelessness that you’ll ever be in a good financial situation. Paying off thousands of dollars in credit cards or loans can be challenging, but it’s far from impossible and one key to eliminating your balances once and for all is to keep a cool head about it. When you’re going through your bills and starting to take on a negative attitude, there are a few things you should remember to help you see the light at the end of the tunnel.
1. There are people that can help you
Perhaps one of the most difficult aspects of being in debt is feeling like you’re going through the situation alone. If you’re lacking confidence about how to proceed, a long talk with a credit counselor may be in your best interest. Professionals can help you build a customized debt repayment plan that helps you discipline your spending and give you more control over your income. Having more control and having a guide to follow can inspire confidence that your situation is improving, which can greatly diminish your stress level.
2. Your lenders may be more helpful than you think
All the bad press about lenders may have made you think that they’re solely out to get your money, regardless of your financial situation. However, you’d be surprised to learn how many credit issuers are willing to work with you if you call them and ask for some flexibility. If you’ve made on-time payments, many may be willing to lower your interest rate to help make your payments more manageable. If you think you might be late on a bill, you should also call to let them know. Some might give you an extra couple of days to make the payment if you simply ask.
3. A support system is important
Talking to friends or family about your situation may seem embarrassing at first, but having a group of people around to support your efforts can actually help you feel more confident about your ability to pay off debt. They may also be able to provide tips and suggestions on how to pay off debt more quickly or manage your spending.