Get Better Sleep by Paying Down Debt

by on October 10, 2012

People in debt can find the problem all consuming. Debt can cause stress for you on a personal level and put a wedge between people in a relationship. Feelings of guilt and anger about debt can lead to sleepless nights and depression.

Some people don’t mind being in perpetual debt and can take it in their stride, but for many others the feelings associated with being in debt are all negative; and they need to get back on track not only for their bank balance, but also for the sake of their mental health and their relationship.

Fortunately, however bad your debt situation has become there will be a way out of it. At the very worst, you could declare bankruptcy and have your debts written off, but this isn’t without consequences and shouldn’t be entered into lightly.

Each person’s debt situation is unique, but for most people a good starting place is to get some debt advice from a debt management company. Depending on the level of your debt, they can offer you different solutions, from a debt management plan to debt consolidation. A debt management plan is where you make one monthly repayment to the debt management company, which then redistributes that amongst your creditors on your behalf. A debt management plan can go a good way to lift the burden of debt from your shoulders, as long as you meet the monthly payments.

debt advice to help you sleepAnother solution is a debt consolidation loan. This is where you take out a loan to pay off all your existing debts. While it may not seem like the most sensible option to take on more debt to pay existing debt, it again offers clarity and the stress of having numerous creditors chasing you is taken away.

You may not actually need to go to a debt management company – you may be able to turn things around yourself. A basic principle to bear in mind is that if you spend less than you earn you will gradually build up a buffer of cash that you can use to pay off your debts. Of course, this is much easier said than done, and it will take a long time to pay off outstanding debts and get back into the black, but it isn’t impossible. Strict budgeting really helps, as does finding the best deals on utilities, mortgages, credit cards and banking.

If your debts are causing you stress, the most important thing to do is take a proactive step towards clearing them and you’ll find that the angst about it will be reduced immediately.

What are your thoughts on how to get the best debt advice?

{ 14 comments… read them below or add one }

Charlie October 15, 2012 at 6:03 am

Not all debt advisors have a good reputation so it is worth doing your research before committing to one provider. Forums are a great place to ask advice without making any sort of commitment.

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Joy October 17, 2012 at 9:56 am

Debt consolidation is truly beneficial and must be considered by anyone struggling with debt because of financial instability. Thanks for sharing!

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Kristine October 17, 2012 at 11:30 am

Debt is difficult to simply ignore and haunts us every now and then. I personally think that debt consolidation can actually enable us to make timely and fixed payments without having to contend with additional penalties and interest charges. Thanks!

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Kelly October 19, 2012 at 6:39 am

Finance management is needed to have a peaceful life. We all have bills and debts to pay and learning how to budget our money and study our cash flow would definitely take us to financial freedom. So whenever you have spare money, always put debts first in line so you wouldn’t have to worry about them in the future.
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Stacey October 19, 2012 at 7:27 am

I consider debts as steps backward to actually being successful so don’t let it balloon until you can’t pay them all. Better chase away all the worries by paying them immediately.
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Veronica October 20, 2012 at 12:18 am

It can get very depressing at times to manage your debt. But whenever you have money to pay, make sure you a lot more than half of it in paying your dues and debts. It feels good to live life worry-free.

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Tamira October 24, 2012 at 11:50 am

Yes Veronica, if we want to stay younger and healthy we should not think of our problems all over again.We need enough sleep at least 8 hours a day and let the problem mind us,we should not stress our self too much thinking of debt’s!

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Calra October 25, 2012 at 9:15 am

I always feel guilty whenever I incur debts and I can’t pay them soon. That’s why I avoid them.

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Tamira October 25, 2012 at 11:20 am

Yes Veronica, if we want to stay younger and healthy we should not think of our problems all over again.We need enough sleep at least 8 hours a day and let the problem mind us,we should not stress our self too much thinking of debt’s!
Thanks,
Tamira@originalcialis

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Rosa Stephsong November 11, 2012 at 9:08 am

Thank you for sharing this post. I definitely agree that debts can cause a lot of stress in your lives and even destroy relationships. Due to all this damage it causes, the best option is to definitely pay the debt off as fast as you can. Perhaps you could cancel your phone contract, sell your car or cut down on the amount of shopping you do.

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Renee April 9, 2013 at 7:12 am

I have what I consider a considerable amount of debt (although my husband would disagree) and it doesn’t consciously bother me all that much. I think I have actually gotten used to it almost. I have credit card and a line of credit. Do you think it\’s worth it to try to extend the line of credit and consolidate the credit card debt to it? I worry about a larger lien on my house. Thanks.

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Mitchel Reverra June 1, 2013 at 12:57 am

Thank you for sharing this post. I definitely agree that debts can cause a lot of stress in your lives and even destroy relationships.Thanks a lot!
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Debt Consolidations Loan June 6, 2013 at 2:52 am

Dear Chris
I liked what you said about Some people don’t mind being in perpetual debt and can take it in their stride
Follow this kind of items because they are very good, congratulations.

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Debt Relief Services June 7, 2013 at 11:21 pm

We should pay our debts on right time and make a proper planning first before going to take any loan etc. Otherwise we will be very depressed & guilty. So guys in my opinion first of all we should try to avoid them and if taking any Debt in really necessary then we must a proper planning first.

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