5 Money Management Techniques to Help Ease Worry From Debthttp://www.fool.com/investing/general/2014/02/02/5-money-management-techniques-to-help-ease-worry-f.aspx Katherine Muniz
February 2, 2014
When it feels like you're a million dollars in the hole, living with that number hanging over your head doesn't feel very good. However, aside from making consistent progress toward paying your debt, there's not much else you can do — so relax with these positive suggestions to turn your mood around.
1. Do any of these free things
However, there are actually a lot of free things to do solo or with friends, and ways to entertain yourself.
Exercise is a welcomed form of stress relief, and it's as easy as taking a long walk around your neighborhood. Have you always wanted to create a bucket list? Take every half-developed thought you've ever had and nurture it. For more suggestions, here are some great ideas.
2. Be proactive
Control the situation by informing yourself of all the choices, which include new ways of budgeting your income or speaking to a finance professional. Of course, in order to take control, take a look at all of your debts and figure out how much you owe. Then tack on the interest charges and get a clearer understanding of your debt.
You do have options, regardless how bad the situation. If you feel like there's no way to pay off all that you owe, and the debt is controlling your life, sometimes the best option is to file for bankruptcy. However, bankruptcy should not be treated lightly, and should be considered as the last resort when all other options have been exhausted.
Speaking of other options, there are many methods of decreasing your debt and having the interest rate lowered.
3. See if your credit card company has a hardship program
Contact your credit card company and see if they have such programs in place, and whether you qualify.
4. Talk about it