Five Steps to Debt Relief

Debt can be a major stress trigger for a lot of people. If you have ever experienced the debilitating anxiety which comes with feeling overwhelmed and trapped by debt, you may be interested in the five steps to debt relief detailed below.
1. Face Up to Your Debts
Debt problems won’t go away by themselves and the first step to dealing with a debt issue is facing up to it. You may need some help from a professional to get a clear position of exactly where your debt levels lie. That’s where debt counselling experts like Positive Finance Solutions can help.
Steps to Debt Relief
2. Stop Spending
You won’t find your way out of debt if you’re solving the problem with one hand and making it worse with the other. With the obvious exceptions of essentials like food, rent or home loan repayments, utilities, and fuel, put a stop to as much spending as you can. This will also make it easier for you to get a picture of where your finances are at so you can plan a way forward.
3. Ask for Help
Getting some help to put a debt relief plan together is a good idea, but you should also talk to your friends and family. A lot of people avoid doing this because their pride gets in the way. You don’t have to tell the world, just your closest friends and family – people you trust and who you know will support you. This way they can help you through it. Dealing with debt problems can be emotionally, mentally and physically draining and this is where your inner circle can help you the most.
4. Find ‘Spare’ Money
The only way to get rid of debt is to pour as much spare funding into the debt pool as you can and you’ll only be able to do that if you create a surplus. This means you need to spend less than you bring in. You can do this by selling old things you no longer use, taking a second job, or getting rid of luxuries like pay TV. The more money you are not spending, the faster you will reduce your debt and get the monkey off your back.
5. Be Disciplined… and Be Kind
Once you have a debt relief plan, it’s important to stick to it. To do this, you’ll need to be disciplined, so it’s a good idea to be kind to yourself as well. Watching your pennies all the time can be a little depressing, so take the time to lift your mood now and then – inexpensively, of course. Go walking or to the beach. Do some yoga in the park. Whatever helps you to feel calm and focused is a good way to tackle any difficult situation.
Working your way out of debt isn’t easy, but you can get there. With some help, personal support, a well thought out plan and a lot of discipline, you can achieve great things for your finances.
Do you have any stories to share about the road back from debt? Let others know about your experiences in the comments below.

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