Dig yourself out of financial strife when debt gets debilitating

Posted by Chauncey Garduno on March 29, 2019 in Perth News |

Debt can cause a lot of negative effects to a person – it can keep you awake at night thinking, keep you wondering what bill to pay first when you check your emails, or even made you consider going to a payday home lender just to get through until next week.

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Many believe that money can’t buy happiness, but having enough money to pay all our bills allows us to provide for our families, plan for the future and enjoy our leisure time. On the other hand, not having money restricts our choices and wreaks emotional havoc on our psyche. Borrowing money to pay those bills leads to debt. And when it debt, it can lead to all sorts of problems that have nothing to do with accounting and everything to do with psychology.

Getting in debt can give a person low self steam and impaired cognitive functioning. That means that the person who is in bad debt condition can’t learn, be attentive and solve problems. According to certain researches, worrying about debt triggers stress, which reduces your resilience against mental health problems.

Other studies show mental health problems decrease self-control, increase spending and basically mess up a person’s financial judgment. In worse cases, debt can also lead to depression and anxiety.

Thankfully, there are a number of ways to solve debt problems, and it all starts with having the will to be financially disciplined. Then, you need to increase your spending awareness – be knowledgeable about spending habits.

Finding where your money goes is also an important thing to do in order to reduce your debt. You can use a notebook or a mobile phone app to track your expenses. Tracking your expenses makes life so much easier because you’ve given yourself a guide to decide how you want to spend your money.

Read more about this topic by clicking this link: https://www.perthnow.com.au/lifestyle/personal-finance/dig-yourself-out-of-financial-strife-when-debt-gets-debilitating-ng-c5402efa2489dae8e452bed4962ae227