How to Handle the Emotional Implications of Debt

Being in debt is an emotional experience. Learning how to deal with these emotions can make the experience more bearable and lead you to financial recovery.

Difficulty: Challenging

Instructions

Things You'll Need:

• Electronic Personal Organizers
• Financial Calculator
• Personal Organizers
• Personal Financial Software

1. Acknowledge that you are in debt and have gotten in over your head.

2. Forgive yourself and focus on repaying the debt.

3. Examine and understand why you overspend - ensure you don't repeat those same steps.

4. Put together a plan for breaking the overspending habit.

5. Avoid making the problem worse with procrastination or feelings of guilt.

6. Share your problem with your spouse or a close friend. Let go of the shame and secrets.

7. Get professional counseling, if needed.

Tips & Warnings

• Debtors Anonymous meetings offer support to addictive overspenders.
• If you tend to pay credit card bills late, buy yourself a CD or small gift every time you pay the bill promptly and avoid hefty late fees.
• Sign up for an automatic payment program with your credit card issuer to ensure that you make your minimum payment each month.
• Making purchases can give you a false high that only masks underlying problems. Get help. Denial will only get you into more trouble.

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[Cherrie]

on 11/15/2008 figgy, you must be sweet soul, because no one had yet used your stolen cards. You surely were protected, I know it works that way with everything.

[Tippy]

on 8/9/2008 Thanks for sharing.

[figgy]

on 1/6/2007 Recently I lost my purse and had to get new account numbers on my 2 credit cards from the issuer. I had to wait a couple of weeks until the new cards arrived. I was amazed, when shopping during that time, how many times my mind automatically said, "I can get "that" with my credit card". I was stunned at the number of times I told myself that. Of course, not having a card at that time made it impossible to make the purchases. Now a week or so later, I don't even remember what those items were that I wanted to buy...must not have been necessities!!! At the end of the day it was a blessing that I had to get new cards and be "cardless" for a time ... which made me aware of how often I used it, or was tempted to use it.
Now that that part is over, I find that I am REALLY reluctant to use a card for anything. It was like my eyes were opened to what I was doing to myself. Now I am going to use more self control and I think I'll leave those cards on ice!! I was upset I lost my purse but considering how things worked out for me I just have to say it is amazing how the Lord works and blesses us in mysterious ways!

on 3/19/2006 Leave your credit cards at home or frozen in water in the freezer. Think about each purchase before you make it. Is it really necessary that I have this item? Can I do without it? Why, in the first place, do I need it? Is there something at home that I can substitute for the item I am about to purchase? If it is not something you really, really need, don't buy it. Learn to make do with what you have.