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Getting Rid of Debt = Getting Rid of Stress

In our regular monthly News Roundup article last week, we reported on the fact that the debt charity, StepChange has been raising concerns about people with long-standing debts receiving letters encouraging them to make more than the minimum payments.  The rules set out by the City regulator have resulted in some receiving follow-up reminders suggesting that they speed up their repayments and warning that providers may suspend their cards if action is not taken by March next year.  The rules were imposed by the Financial Conduct Authority (FCS) after it transpired that some providers are gaining large profits as a result of persistent debtors. 

As anybody who has been in debt will know, debt leads directly to stress – debt-related stress, that is.  When we have money problems, it can take over our lives, causing us to feel frustrated, worried, and worse as we wonder how we will ever straighten out our finances again.  However, trying not to think about it is not an option – not thinking about the problem means not addressing the problem which will only create a larger problem for the future.  Taking action now may seem almost overwhelming, but the sooner you begin, the sooner you will be on the path to an easier financial future.

In fact, mental health professionals and financial advisors here in the UK agree on one thing – an unmanaged debt equals unmanaged stress – the type of stress that can have a serious negative impact on your life, and consequently, on the lives of those around you.  Seeking help with your debt will not only improve your financial future, it will improve your future health too. 

StepChange has teamed up with the Mental Health Foundation to create an email programme that is designed to help those in debt take back control of their finances one step at a time.  The programme has been designed by expert debt advisors and will act as a launch pad for those in debt to begin the journey towards overcoming their debt problem.

Each day for a week, those who sign up for the “7 Days, 7 Ways” treatment plan will receive an email with links to practical advice which addresses the following issues:

  • Figuring out how much money you owe
  • Deciding which payments have top priority when money is tight
  • Help in creating a long-term plan to deal with debts and putting it into action.

The Mental Health Foundation website offers information on how to manage stress, whether it’s caused by debt or other problems.  The website also features a debt stress tool that you can use to find out if stress is having a negative impact on your life and how you can improve your wellbeing.

Whilst getting out of debt is not an easy process, doing so will improve your life (and your stress levels) dramatically.  Nobody gets out of debt by ignoring it – making that first brave step really is the first step on the path to a newer, brighter, more financially secure future.