Sense & Centsibility Blog

Signs Debt is Stressing You Out and What to do Next

No one enjoys being stressed out. It affects every aspect of our lives, from relationships to mental health to physical health and more. This week's flashback Friday post talks about how you can tell if debt is stressing you out and how to break the cycle.

There are a lot of ways that people find themselves in debt. You had a family wedding in the Caribbean, but you didn’t have the money so you charged it and figured you’d deal with the credit card later. Maybe your income was reduced and you didn’t have enough in savings so you paid for living expenses with your Visa. Or maybe your son had an unexpected tonsillectomy and now you’re stuck with thousands of dollars in medical bills.

Regardless what happened, you now owe money to a creditor or hospital and a new monthly bill doesn’t quite fit into your budget. So the vicious cycle begins…you might be taking turns on bills – paying one creditor this month and another creditor the next. Before you know it, you’re behind on some payments and you’re getting late fees and phone calls.

Here are four signs that the debt cycle is stressing you out:

  1. You have trouble sleeping because you’re thinking about the debts you owe.
  2. You avoid opening your bills or checking your online statements.
  3. You screen your calls (more than normal) because you’re worried about the credit card companies or collection agencies calling you.
  4. You and your partner/spouse argue about money.

They say that ignorance is bliss, but not when it has to do with your finances. The less you know, the more it could negatively affect you. NOT dealing with your creditors is the worst thing you can do.

So what should you do next?

First, open your mail. You need to be informed about the status of your accounts.

Then the easiest step after this is to call LSS Financial Counseling at 888.577.2227 to schedule a financial counseling session. Instead of doing it by yourself, your financial counselor will set up a realistic budget with you. From there, s/he will help you determine the best plan of attack to conquer your debt.

One option that helps a lot of people is a Debt Management Plan:

  • Debts are consolidated into one easy monthly payment.
  • Typically interest rates are reduced.
  • Your payments may even be reduced.
  • With on-time payments, your debt will be paid off faster, you'll save money, and your credit will improve.

If you want a FREE phone or in-person appointment, call LSS Financial Counseling at 888.577.2227. You can get started online right now by going to our website. Get started today and take charge of your life!