How do you cope with the emotional drain of being in debt?

Question

I'm working diligently on getting out of debt, but oftentimes it seems never ending. Any words of wisdom to help me cope with this?

Answer 1

You ought to receive thousands of responses on this, because the majority of us are in the same boat to some extent.

First, you have the right healthy mindset that this is something you are working through; second, its like walking a tightrope, just keep looking at the goal and don't look down.

We get bogged in the process, and that is what brings us to a screeching halt. Know you are moving forward, even if its inches at a time, because eventually you will be there, I promise.

You can do what you can and try to let go of the rest as you keep plugging. Maybe call the creditors and tell them this is what you are able to pay at this time and then you have to quit being sick about it. We have all fallen into this trap of having credit extended or refinancing a home (like we did) and then finding yourself upside down after they squeeze you dry.

Lock arms with the rest of us and just do what you can; make a game of paying the bills off, and then don't let them put you there again.

Answer 2

I don't know any words of wisdom, but I think it's great you're working hard to resolve your debt issue. A lot of people are just irresponsible slackers and don't care. You have integrity and are doing the right thing.

Everyone has been in debt at one time or another. The best anyone can to is make every effort to get their act together. It's very important because you're improving your credit situation in the long run.

Don't be discouraged. Just know that at least one person on the planet thinks you're remarkable and honorable for doing what's right. You will be rewarded for your efforts!

Answer 3

It is the Amercan way and a way to keep control of your life. As you pay down a bill, congratulate yourself that you are just a little closer to being out of debt. Whenever possible, make an extra payment, even if it is only $25. You'll feel better and that's a little less interest you will pay on principal. Cancel your credit cards and do not carry them with you. Keep one for an emergency. When you find yourself wanting to spend, check your account and if you cant pay for it cash, drop the desire to buy it. Watch those balances go down and each time they go down, tell yourself you are on the road to freedom...it will just take a little more time. And remember, each time you pay something off you are taking a little more control of your life. It is a good feeling.

Answer 4

I know it sucks. The first step is to pay cash for everything. Cut up your credit cards. You'd be suprised how many 'emergencies' don't require money. I used to consider an emergency that I was hungry and wasn't going to return home for 5 hours or so, so I would go out and get a bite to eat on the credit card. Once I cut it up, I began bringing baggies of carrots or cookies and a bottle of water.

I found it empowering every time I ate a carrot and filled up my water bottle because that meant that I wasn't spending any money. Now I am a save freak. Everytime I find a penny on the ground I pick it up and add it to a found stash. I use coupons for almost everything.

Answer 5

At one point I found myself drowning in debt through illness.
Ilness and being self-employed don't go hand in hand, but it DID teach me a lot about the subject.
I've built a site focusing entirely on the subject to help others facing the same problems.
You might like to pay it a visit to get some inspiration and motivation to get yourself solvent again before depression takes a hold.

I've put the link below,

It can't hurt to give it a shot.

Good luck, Pete.

Answer 6

Ditto Le_Roche. Boy it's tough getting out of debt. But hang in there...so many people don't care or take the easy way out. I commend you for being responsible. Good luck to you!

Answer 7

A lot of people feel this way. They feel that life is hopeless and that they will be paying creditors forever. You can take heart in the fact that if you keep working at it you will one day see that you are free of financial burden. Just keep working at it. Good luck.