by Christy Bieber | Dec. 20, 2020
You can take control of your debt to alleviate your financial anxiety.
Being in debt is a major source of worry for the majority of Americans. In fact, according to recent research from Northwestern Mutual, as many as 60% of people described their level of debt as a source of financial anxiety.
This isn't a surprise, as being in debt can be a nerve-wracking experience for a few reasons. After all, when you owe money, you have a monthly obligation to creditors you must fulfill -- and you may be worried about your ability to do that if money is tight or you fear your income may be reduced in the future.
Debt can also be stressful when you see a good portion of your money wasted on interest charges every month. This is especially true if you feel like you're never going to get out of debt and are going to be paying extra forever.
While being in debt is a justifiable source of anxiety, you don't just have to keep worrying forever. You can take control over your debt and eliminate it as a source of concern. Here's how to do it.
Looking for a personal loan but don't know where to start? The Ascent's picks of the best personal loans help you demystify the offers out there so you can pick the best one for your needs.
There are a few key steps to take if you want to stop worrying about debt. Here's what they are:
By taking these steps, hopefully you can free yourself of your debt quickly and stay out of debt so you'll never again be among the 60% of Americans who describe their debt as a source of financial anxiety. Once you take control of your finances, your stress level about your debt should decline right away as you work toward becoming debt free.
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