Credit Card Debt and Your Lifestyle
Coping with credit card debt can be a major source of stress for many people. This level of stress can lead to further problems, which also include making poor financial decisions that could increase your debt even further.
How Credit Card Debt Affects Your Lifestyle
It’s been widely recognised that people who are struggling with credit card debt can experience problems with other aspects of their lifestyle. These can include depression, despair, embarrassment, fear and even denial.
These feelings can lead some people into making poor decisions about financial matters, which can cause the problems to spiral even deeper. This creates a vicious cycle of desperation and worry that can make it hard to cope.
Financial stress is serious, but there are some things you can do to alleviate the worst of the symptoms.
While the pressure that can stem from credit card debt may feel overwhelming, it’s important to realise there are steps you can take to help reduce some of the symptoms.
For example, if you’re already feeling depressed and anxious about your current levels of debt, it’s wise to avoid any known stimulants or depressants. These include alcohol, coffee, cigarettes and fizzy drinks, which can often make you feel worse instead of better.
There are also some people who feel so hopeless about ever paying off their credit card debt that they tend to indulge in a little ‘retail therapy’. While a few hours of shopping might make you feel temporarily better, in the long run, you could just be increasing your problems.
You should also try to get a little exercise. A simple 30 minute walk can help to clear your mind and raise endorphin levels a little, which is your body’s natural ‘feel-good’ chemical. With a clearer head, it can be much easier to make wise decisions about your finances.
You may also find that adding a little regular exercise into your day makes it easier for you to get a proper sleep at night, which can also help to reduce stress levels.
Reducing Your Credit Card Debt Levels
When you feel as though you’re thinking with a clear mind, begin to work on a realistic debt reduction program. It’s important to remember that it took you time to get into debt, so it’s fair to realise that it will also take you time to get back out of debt again too.
Your debt reduction plan needs to be realistic for your current level of income and your debt balances. Even small steps towards a bigger goal will all make a difference in the long run.
Take some time to look carefully at what you owe and how much interest you’re paying right now. You might find you can reduce your interest bills by finding a lender willing to reduce your interest charges, which can help to reduce your repayment amounts and give you a helping hand towards getting your credit card debt and your financial situation back under your control.
This article was written by Timothy Ng who is a regular writer and part of the team at Credit Card Finder, a 100% free Australian credit card comparison and application service. Visit the Credit Card Finder website for more information on credit card debt, or subscribe to their RSS feed for more practical articles.