Know The Signs Of Debt Affecting Physically And Mentally And Act Accordingly

You will be able to act promptly and accordingly only when you know the signs of debt affecting you mentally as well as physically. Debt as it is has become a common issue and also a requirement considering the current economic condition. Everything now seems to be dear and your regular income may not suffice to fulfill your wants, maintain a high standard of life, and even sometimes to meet basic necessities such as a routine medical checkup.

This has forded people to look for easy ways to meet their demands and needs as well as to maintain their societal status. Most people find it more reasonable to go out of their way and cross their limit of financial ability simply to own as particular item. 

The easiest way to do so is by borrowing money from different sources and eventually ends up in the vicious cycle of debt. Getting a loan is easier now as there are different traditional as well as unconventional sources and this easy accessibility to credit is the primary reason that people do not think twice or stop to consider before signing any agreement for a loan with a lender. These people end up with large amounts of debts that they cannot repay and frantically look for relief from sources such as National debt relief programs or others.

Differentiate Between Needs and Wants

Well, taking out a loan is not a crime or a shameful act till the time it is well within your manageable limits. Debts that are within your control will enable you to:

  • Pay them on a regular basis and on time
  • Retain a good credit score thereby increasing your borrowing power and 
  • Avoid its ill effects on mental as well as physical health.

Therefore, being a prudent person you should never let your debt, no matter in whatever form, cross your manageable limits. 

The best and most prudent way to do that is to know the difference between your needs and wants. Needs are those that you cannot do without and therefore should be met with first. Wants can be postponed till the favorable time and it is best to sacrifice it for your future financial and health benefits for the time being. Therefore, distinguish between your needs and wants if you want to deal with your debts proficiently.

Responding to Your Debt

However, there are distinct signs when debts will become unmanageable and start taking its toll on your health in all forms and shapes namely financial, physical and mental. 

  • The way you respond to your debt is one such sign to look for. When you feel better ignoring mails and bills it is time to reconsider, tarry a little to review situations and make amendments in your expenditure and if possible in your income accordingly. While you can certainly curb your expenses, there are also effective ways in which you can increase your income such taking up an extra job in your leisure. 
  • It is a matter of personal choice as to how you will respond to your debt and wants which is why debt is most of the times is supposed to be self-inflicted. If you see that you continually feel an uncontrolled and unrestrained desire to make purchases that are not necessary at this moment given your present financial conditions, it is a red flag as well.
  • Look at your behavioral and spending pattern for the past few days or weeks to notice any changes that force you to cross your limits. These changes in pattern will surely drive you to debt. 
  • Moreover, when you cannot buy an item and feel emotionally depressed for it or a sense of loss creeps in you, it is time to be cautious as well. The falls pride in the ‘I too can’ feeling can be dangerous that will jeopardize your finance and health.
  • Going to the denial mode regarding your debt is the most serious signs of all. This is the time when you ignore debt, do not care about your repaying ability and continue taking on new debts leaving the existing ones unpaid. This adds fuel to the fire that will bring your entire financial structure down affecting your physical and mental health in the process.
  • When you cannot take defeat sportingly you will need more control in you because this is the time when you will tend to use your plastic money more feeling the false pride of achieving something. Actually, you have not achieved anything apart from being successful in making your financial and health condition more vulnerable to the ill effects of debt.
  • If you are inconsiderate or overconfident about your ability to pay, this is also a sign of debt taking its toll on you and your behavior. You tend to think that you will be able to pay it off later within the interest free period but seldom can. This is how you give in to the aggressive and dangerous marketing techniques of the credit card companies known to carry the highest rate of interest on their debts. 
  • Ignoring your monthly bills is another form of denial of debt which is as dangerous as the others. This will result in accumulation of debt due to penalties and interests and soon reach the skies. You will eventually start receiving phone calls from your creditors and the debt collectors knocking at your door just to remind you of your responsibility and liability to pay back in a harsh way. Sometimes, legal actions seem to be unavoidable making your financial and health conditions even worse.

Lastly and most importantly, if you notice any change in your behavior it will suggest that you are facing mental health problems. You will be quarrelling all the times on trivial matters, stay away from your friends and family, become restless, sulk, panic and behave abnormally all the time.    

These are the times when you should visit a debt advisor to find the best way to manage your debts, finance, and most importantly the physical and mental health condition.

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