The Emotional Burden of Debt and How to Combat It
Debt is more than just about money. If you find yourself in a position where you’re struggling financially, you will already be aware that debt can also be a large emotional burden.
According to The Money Charity, the average UK household has over £60,000 debt in total. As a result, many people – from students to the working class – have already experienced the detrimental effect it can have on their mental health.
If you’re currently in debt, don’t worry. Although it might not seem like it right now, there is a light at the end of the tunnel. This article will explore the methods you can use to combat – and eliminate – the emotional burden of debt.
How debt can impact your mental health
Before exploring ways to fight against the issue, it’s important to explore how your health can be affected by debt. This is because there are several ways it might cause your emotions to take a negative turn:
- Fear and panic
- Anger and frustration
- Shame and embarrassment
Obviously, debt affects people in different ways. Some people might feel a strong sense of dread and have no idea how to get out of their current financial predicament. Others, however, will push the debt to the back of their mind and deny it’s even a problem.
Ways to battle back against the emotional burden
Luckily, there are a number of methods available for battling back against debt and alleviating that emotional burden. Here’s a quick guide you can follow:
Have a plan in place
First things first, you need to put together a strong plan. This starts by understanding where you stand with your current bills, credit rating, and income. By listing these down, you gain a clearer picture in terms of how to improve your current financial situation.
Get a loan
It may seem counterintuitive to get a loan when you’re attempting to escape debt. However, it can have a number of advantages. First of all, there’s the option of consolidating all of your debts so that you only have one monthly payment to make. In addition, the interest on the loan might be cheaper than your current debts.
There’s just one issue: securing a worthwhile loan is difficult when you’re in debt and with a poor credit rating. Thankfully, there are still choices available. For instance, you can gain a bad credit payday loan through Cash Lady. Don’t be scared about the word ‘bad’. Even though you’re likely to be faced with a higher APR rate, you can secure the cash you need to cover any relatively small debts.
Earn more and spend less
It’s easier said than done, admittedly. However, you should put together a strategy for your earning and spending habits.
When it comes to earning more, this doesn’t necessarily mean you need to ask for a raise or take on an additional job – although these would obviously help. You could sell products on eBay for example, or take on occasional tasks such as dog walking or completing online surveys.