It is true that worrying about debt can weigh down on a person. For this reason, you will need to develop a way to curb your expenses, which will allow you to not only be better financially, but health-wise as well. The debt that most Americans face includes student loans, credit cards, mortgage loans, and car loans. Reducing those debts could feel like a never-ending battle uphill, but it is a battle that could be won. You will simply need to work hard, develop a plan of action, and follow through. Taking positive steps toward reducing your debt is a key move in reducing stress.
Debt and Stress
Stress from financial debt has led to serious medical conditions for millions of Americans. Some health issues that have been caused by stress from debt include: back pain, neck issues, head pain, and stomach problems. Stressing over mountains of debt has been the cause of ulcers, heart attacks, and severe depression with many Americans. In fact, Edward Driscoll of Braintree, Mass reported in USA Today that he suffered from ulcers, and his wife suffered from panic attacks, all because of the stress they felt over $10,000 worth of debt that they had accumulated.
The chronic worrying about debt has caused many health issues for Americans, which is why you will need to find ways to reduce your current debt; this could be the key move in reducing stress, as well.
Methods to Eliminate Debt and Stress
There are some methods that you could try out that will help you eliminate debt, and the stress that is caused by worrying about the overwhelming bills. The first option would be to target the bills that are the highest – in terms of interest rates and fees. You should pay them off first, because these high rates and fees being eliminated will free up money for other bills, or personal needs.
If you are unable to pay your bills off in full, the next option would be to make more than the minimum payment. Paying the minimum does not help you decrease the debt; instead, you are simply paying on the interest, but the balance is not actually decreasing. It is always best to keep a track of your monthly expenses, and make the necessary cuts. By keeping track of what you spend each month, you are likely to find something that you could live without.
Eliminating the debt in your life could help you reduce the stress that you have been encountering. There are some additional things to consider when trying to consolidate, do you need to take out a personal loan or home equity loan, what guidelines are in place, how long will you need to repay the money, etc. The fear of not knowing how you will pay this debt off could be life-threatening, which is why you want to do everything you can to get your debt under control. It is always best to start up an emergency-situation fund; this allows you to use the emergency funds that you have saved up, instead of using a credit card or applying for a loan. Live within your financial limits; going outside of those limits could have serious consequences, and stress is one!