Finding Debt Relief Can Reduce Stress
For far too many families, stress over debt has them feeling like a hamster running on a wheel. Debt can do serious damage to a relationship, and many marriages break down as a result of continual disagreements about moon. Even a strong marriage can be eroded by the continual stress of struggling month after month to make the money stretch over bills that never seem to get any smaller.
Some people find that debt consolidation can make their debts more manageable. Instead of needing to juggle multiple bills from various creditors, you now have a single bill to pay each month. As long as you can keep current with that one bill, your debt level will shrink each month and you'll become steadily closer to becoming debt-free. You'll start sleeping better when you're no longer worrying about how you'll pay all your debts, and you'll have more energy to do productive things like work and enjoying time with your family.
However, if you decide to go this route, make sure that you're dealing with a reputable company that will not gouge you with fees that keep you perpetually in debt to them. Be sure that you can handle your new monthly payment and still pay for the necessities of life. You don't want to slip-slide into even deeper debt because you discover that you can't cover expenses like food and gasoline without borrowing. Even if you're not required to as a condition of your consolidation loan, you'll want to cancel the lines of credit that you paid off with it. Otherwise, you'll constantly have the temptation to charge "just a little" on them and you'll be right back where you started, only worse.
Be aware that as you pay down your debt, your credit score will improve and you'll start getting more offers for credit cards and other opportunities to get back in debt. Make it a habit to immediately discard any credit come-ons so you're not tempted to borrow more than you can repay again. Shred them or tear them into very small pieces so that an identity thief can't use them to open lines of credit in your name now that your identity is worth stealing.
If a consolidation loan isn't enough to get your monthly debt payments down to a manageable level, you may need to consider credit counseling or even bankruptcy. But whatever route works best for you, you must take action if anything is going to change. By taking command of your financial life and getting your debts under control, you can also reduce your stress to manageable levels so that it doesn't destroy your health and your sanity.
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