An Action Plan for Coping with Debt-Related Stress
Living with debt can take a tremendous toll on your physical and emotional wellbeing. The stress can interfere with your ability to sleep and cause depression and anxiety. If you’re concerned about the amount of debt you’re facing, it’s important to come up with a plan for dealing with it. The experts at GCS Credit Union are here to assist our members in making smart financial decisions, and we can help as you deal with you debt. Take these steps to regain control of your financial life.
Face It Head On
When you have debt, the easiest thing to do is to simply decide not to think about it. From students juggling massive loans and their academic work to families worrying about mortgages while caring for their kids, debt is often an extra burden that seems too overwhelming to face. However, confronting your debt is an essential part of getting out of it. Failing to do so may lead you deeper into debt, because you won’t have the information you need to make wise financial decisions. Actually knowing where you stand can also be comforting.
Get Support from Family and Friends
Debt is isolating, but getting out of it requires support. Let your family and close friends know about your situation. They can be great sources of advice, and you may be surprised to learn that you’re not the only one who has faced financial hardships. Family and friends can also help you stick to a budget as you pay down your debt.
Make a Repayment Plan
Your stress will be eased greatly when you have an actionable plan for paying off your debt. Seek financial counseling if necessary. Ask your credit union to set up automatic payments so you don’t fall behind. Remember to make a repayment plan that is realistic. It’s better to pay off your debt over a longer period of time than to run the risk of defaulting.
GCS Credit Union in O’Fallon has a full range of financial products you need to manage your money, including checking accounts, CDs, debit cards, and more. To learn about credit union membership and all of our services, please call (618) 797-7993.