Debt relief and debt stress

[ Bookmark this page! ] [ get HTML Version ]

Debt consolidation - Simple and easy steps
If you have considered debt consolidation then you are probably a little overwhelmed with the mass amount of debt consolidation companies there are to choose from. With some of these debt consolidation companies, it's hard to even find out what debt consolidation is all about. It seems you have to commit to sharing your entire financial history, as well as sitting through a high pressure sales pit... Read debt consolidation article



Unsecured debt consolidation - Help is available
There are several types of help available for unsecured debt consolidation. You can choose to take out a debt consolidation loan to lower your rates and payments. You may also choose to use a debt consolidation programs, letting a third party deal with your creditors. And finally, you can turn to a credit counselor to help you find the best plan for your situation. Debt Consolidation Lo... Read debt consolidation article



Debt relief and debt stress
Whenever you hear discussion of credit card debt, the various best ways to manage it and clear it etc., one thing is mostly ignored. Credit card debt can be extremely stressful and it can have a very negative impact on your life.

It's always hanging over you, getting you down, making it difficult to live your life the way you would like to. This article takes a look at how to recognise debt stress, and what you can do about it.

The Symptoms of Debt Stress

There are numerous symptoms that can be caused by stress. Some of the most common ones are:

feeling depressed and irritable
headaches
not being able to sleep
forgetfulness
lack of concentration

If you have some of these symptoms but you're unsure whether they are related to stress a visit to your Doctor may be in order.

Who Gets Debt Stress?

Just about everybody that has debts gets stressed about them. Debt results in millions of days off work every year and it's statistically one of the leading causes of suicide. When you read about someone who has committed suicide it's very common to find their name is followed by who owed [a very large amount] in debts.

Students and graduates are among the most vunerable, as debt is growing here faster than in any other sector of society.

It's very easy for anybody to rely on their credit card, a little here and a little there and before you know it you owe thousands.

The average adult now owes many thousands in debts, tens of thousands even and as that's the average, then it stands to reason that many people must owe much more.

This being the case then always remember that you're not alone, other people are suffering in the same way and there may well be many worse off than you.

How Do You Deal With It?

The perception of stress caused by debt is often of embarrassment or shame. People with lots of debts don't want to talk about it, even with their family or close friends, for fear of upsetting people or looking like a failure.

It's essential that you talk about your problems, storing it up inside will result in even more stress. If you talk to no one else you should at least talk to your partner. They are in the best position to understand and possibly help you.

When you're ready to confront your debt stress probably the best route is to find two people outside of your partner, one who can advise you and one who can act as a counsellor.

That means a professional who knows what they're doing in regard to financial matters and possibly a psychologist or psychiatrist or some other kind of counsellor. Don't let stigmas deter you, this is about your health which is much more important.

The next thing to do is to consider how you created the debt to begin with. Dig out your old credit card statements. What did you spend the money on?

By far the best way to defeat your debt stress is to pay back your debts.

You need to sit down and work out a budget based on your income and expenditure, cut as many unnecessary expenses as possible and try to free up as much money as you can to pay back the debts.

Even if it will take a while to clear the debt you know that your debt is gradually going down and as it does your debt stress will follow.

About The Author

Get lots more General Finance help and advice on Credit Cards, Mortgages, Debt, Investing, Real Estate, etc.

This article comes with reprint rights. Feel free to reprint and distribute as you like. All that we ask is that you do not make any changes, that this resource text is include, and that the link above is intact.

What do you want to do?
Bookmark this page before you lose it
Search this site for FREE information
Help spread the word. E-mail this page to a friend

The real cost of personal debt

I want you to take a good long look at your debt. Do you really know what it costs you to be in debt? Are you thinking that you can handle it or is it getting you down?

Once you start really analyzing your debt position and the cost (to yourself) of having the debt, the results can be mind-numbingly shocking.

I've found that debt is a lot like smoking. When you start out, you believe you're in control and you can quit at any time. As the months and the years roll past, this initial belief does not fade away. With every debt you incur, the mantra I can afford this, repeats itself in your subconscious until you wake up one morning and realize that you're in over your head.

Debt has well and truly caught you in its trap. Debt has become a bad habit.

And just like any bad habit, debt requires as much hard work and discipline to shake. The first step in the process is to acknowledge that you have a problem - instead of turning a blind eye, hoping it will go away or thinking that you'll get around to it some day in the future.

One of the motivators to setting your feet on the path to debt free living is to look at the real cost of that debt. What is it doing to you? Where does it hurt the most?

Most debts (the ones that make you cry into your morning coffee anyway) are the ones that are incurred for a period exceeding one year. You've probably seen or heard advertisements that go something like this:

Buy your ''Wiggly Snoogle' for this special one time limited offer today - 24 easy monthly instalments.

Beware - this is where you can fall into the deadliest trap of them all. The interest rates are usually above average and you're stuck into a long term contract. Yes, getting your Wiggly Snoogle with the 25 000 features sounds like a good idea because of the easy monthly payments; especially if you compare it to the one time lump sum payment. (By the way, using the ''lump sum' to ''monthly payment' comparison is a well known sales technique to separate you from your hard earned cash.)

Let's take this out of the realm of philosophy with a real world example:

You borrow $ 10,000 to buy a new car. Over a 48 month period - that's 4 years of monthly payments - you will be paying an additional $ 2,000 in interest. So, your $ 10,000 vehicle is actually costing you $ 12,000. The cost of that debt is a whopping $ 2,000. If you had taken that $ 2,000 and invested it over the same period, it could have grown to $ 3,000. Instead, it has disappeared into someone else's pocket - never to be seen again.

This is where the lenders make their money. The longer they can have you in their clutches, the longer they can smile all the way to the bank and you groaning on the way to work.

Now I'm not saying that you shouldn't have a car - it's just an example of the REAL cost of debt. Sometimes debt is unavoidable, but as a species we've become too complacent about debt and we jump into it without thinking.

Your Magic Plastic (a.k.a. Credit Card) is another one of those fiendishly sneaky evils the banks developed to rid you of your money. If - and that's a big if - you manage your credit card correctly and pay off the full amount at the end of each month, they can be great to have and smooth the little rough patches in life. But most of us only pay the minimum amount required each month and that's exactly what the banks want. It leaves you in the red and owing them money. Which gives them ample opportunity to apply the thumb screws. Remember, every month you're in the red, you're paying interest on the outstanding amount which gets added to your bill.

The big mistake we all make is to look at our monthly statement and say: Hey, that's not too bad. I can still afford my repayments. And I have some credit available to buy that wiggly snoogle as well! The problem arises when you battle to make your income stretch through the month because of the various different repayments you have to make.

It's critically important that you start looking at the TOTAL COST of your debt over your lifetime. Once you're over the shock and horror of how much of your hard earned cash is going up in smoke, you'll be in a position to tackle the problem head on and take the path to debt free living.

Remeber: Bad debt is a bad habit.

Gerard runs a website aimed at helping you getting rid of your Debt. If your debt is getting you down consider debt consolidation, http://www.debtconsolidationweb.info


Top rated articles for debt consolidation

1. Out of Credit Card Debt in 3 Simple Steps
No doubt, if you're here, you've probably made some mistakes financially. That's okay, there's no adult walking the earth that hasn't. You can certainly be sure of that.

I truly enjoy helpi... Read debt consolidation article

2. Debt consolidation loans even if you are not a home owner
Debt consolidation loans are available to those who don't own a home. By using a personal loan or new credit card, you can reduce your interest payments, making it easier to pay off your loans. Low ra... Read debt consolidation article

3. A few debt reduction tips
If you are overwhelmed by debt, there are options you can take that will help you pay off what you owe without the stigma of filing for bankruptcy. We'll examine four ways you can get your debt under ... Read debt consolidation article

4. Debt consolidation loans - The pitfalls
In America, the average household carries about $8,000 in consumer debt. This amount includes credit cards, personal loans, lines of credit, etc. Understandably, people are searching for a quick and e... Read debt consolidation article

5. How debt consolidation loan helps to manage debt
Debt is a source of finance that helps you, to fulfill your desires. In the past, you must have taken debt from more than one lender to meet your funds requirement. And now it is becoming difficult fo... Read debt consolidation article

6. Student Loan Debt Resolution and Debt Settlements
Settlements are the option considered by students who find it very difficult to repay the loans taken by them for their education. Settlements involve an intermediate agency that negotiates with the l... Read debt consolidation article

7. Reduce Credit Card Debt - Tips To Lower Credit Card Debt
Credit card debt can be reduced through lower rates or negotiating for reduced balances. With reduced interest, you can pay off the principal quicker with the same monthly payment. The other approach ... Read debt consolidation article

8. Credit card debt consolidation - Important factors
If you've got a number of credit cards and insurmountable credit card debt, then perhaps it's time to consider a debt consolidation loan. A consolidation loan is a loan that you can use to pay off all... Read debt consolidation article

9. Different ways to consolidate debt when bills pile up
When it comes to debt consolidation some people dream of day when all their bills will disappear. Next to hitting the jackpot, a debt consolidation loan is some times the only way out for a debtor. No... Read debt consolidation article

10. Credit Repair - Do It Yourself
Credit repair companies approach people offering to repair one's bad credit standing for a fee. Many people are not aware that one can actually repair his own credit. Thus, unsuspecting clients fall f... Read debt consolidation article

1. Debt and Bill Consolidation - No Credit Check
2. Consolidate Your Debt - You don't need a Home
3. Reduce Credit Card Debt - Tips To Lower Credit Card Debt
4. Unsecured Debt Consolidation Loans Guide
5. Debt Counseling and Debt Relief
6. Need For Debt Management
7. Debt free with debt consolidation loan
8. Debt consolidation - Can you be sued for debts
9. College loan consolidation - Tips from the pros
10. Stopping Credit Card Company Abuse

Debt consolidation, debt counseling and debt management in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi,



Debt relief and debt stress
Debt consolidation, debt counseling and debt management services in Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania,

Debt management, debt counseling and debt consolidation in Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin and Wyoming.