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Recovering emotionally from being in debt

Recovering emotionally from being in debt
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Debt doesn’t just hit your bank balance and credit rating, it can have a huge impact on your emotional wellbeing too. From stress and anxiety over how you’re going to pay all you owe, to the feelings of failure or shame that many people experience when they’ve been heavily in debt, it can take some time to recover emotionally from what you’ve gone through.

Redundancy, divorce and bereavement are all common causes for getting into debt. As well as having to come to terms with a life-changing event, people affected also have to deal with the fallout of getting into debt. This can leave people stressed, anxious and fighting depression.

If you or someone you care about is struggling with the psychological impact of debt, there are some practical things that can help get you back on the road to emotional recovery.

Get debt advice

The best way to free yourself from the worry of debt is to take action to eradicate your debts. A debt counsellor will be able to help you make a plan of action and many, including the Citizens Advice Bureau, offer their services free of charge. If you’re in serious debt, a debt counsellor can liaise with creditors and help negotiate bankruptcy if the situation warrants it. Once you’ve started on the road to financial recovery and you have a positive attitude towards resolving it, your emotional wellbeing will begin to improve too.

Prioritise your debt

While it’s usually financially savvy to pay off debts with the highest interest rates first, sometimes it makes sense to prioritise them a little differently. If one debt makes you feel guilty, bears down on you and affects your emotional wellbeing more than others, then you may want to consider paying that one off first. For example, you may feel bad about borrowing cash from family or a friend, by ridding yourself of this debt early, you won’t feel so weighed down by what you owe.

Seek professional help for your mental health

Recovering emotionally from being in debtIf your debt problems have had a significant impact on your mental and emotional health then you may benefit from seeking professional help. A counsellor or therapist will listen to you without passing judgement, this will help you overcome your negative emotions. Your GP should be able to put you in touch with someone who can help.

Forgive yourself

What’s done is done and there is very little to be gained by beating yourself up about it. Of course, there may be lessons to be learned, but that doesn’t mean you have to feel awful about your financial situation for months or years to come. All that energy you spend wallowing in misery could be put to much better use. It may be easier said than done, but by forgiving yourself you’ll be in a much better place to organise your finances, developing a healthier relationship with money.

 

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About Maria Brett

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About Maria Brett

Maria is a freelance writer with over 10 years' experience producing content for a variety of publications and websites. When not working or looking after her two gorgeous sons, she can usually be found playing flugelhorn in a brass band, helping out at her local hospital radio station, shouting at the television while watching Formula 1, at the cinema or plonked on the couch with a cold glass of wine.

Website: Maria Brett

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