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5 Money Management Techniques to Help Ease Worry From Debt

Katherine Muniz
February 2, 2014

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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 
If you're in debt and conserving all your money for payments and essentials, life can be a lot more stressful.

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 
Debt can be so stressful, and the worst part of living with debt is feeling like you're not in control.

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 
Many major creditors have hardship programs for consumers in a state of financial hardship which temporarily reduces payments (sometimes even eliminating them) and fees until they have recovered. This is a little known fact because banks don't publicize them, but they do exist and are different than the debt management plans we've covered.

Contact your credit card company and see if they have such programs in place, and whether you qualify.

4. Talk about it 
Sometimes it can be so refreshing to have someone to vent to, especially when you have a big secret.