Most people know what it is like to feel financially squeezed but debt can be something of a low blow, coming as it sometimes does with redundancy, job loss or changes to working hours. The stress comes from any number of places? If you have savings, they may begin to deplete at an alarming rate. You may turn to credit even though you don’t have the means to pay it back. Perhaps you are scraping by but things are so tight there’s nothing left for emergencies or even little treats? You feel a failure because you’re letting yourself down and maybe even the people who depend on you financially.
With all these negatives it isn’t surprising to feel your confidence is taking a beating. You wonder what it is that you’ve done to deserve this and yet no matter where you turn nothing seems to improve. So you begin to turn inwards. There seems nothing to get up for so you stay in bed and you rationalize this because your sleep pattern is poor and you feel generally unwell. You talk yourself down, believing you’ll never get another job or that things will never improve. In other words you’re feeling anxious and depressed.
It’s very common for people in difficult financial situations to go through a bad patch, after which they dust themselves off and try to move forward. It’s the moving forward that can present the biggest challenge, especially where debt is concerned, so what might help?
If you find your mood is hampering progress and nothing has improved after a few weeks it might be useful to pay a visit to your doctor and report your symptoms. There are however some self-help techniques to consider.
Try to get back into some routine. If you’ve lost your job this is especially important. Take stock of your situation as it affects you today. Very often people worry about the future and when this happens everything becomes amplified and gets out of control.
Get in contact with your credit providers and explain your situation. They will invariably work with you to negotiate either a break in payments, or a revised payment schedule to help you through the worst patch.
Seek advice from others. You aren’t the first or last person to experience money problems so use services like Citizens Advice who in turn may suggest other sources of financial help or other forms of support.
While this is happening it is helpful to address the stress. Get some exercise, remind yourself that you are dealing with the situation, avoid alcohol, try to eat healthily and restore your sleep pattern.