How to Deal With Credit Card Anxiety
Maybe you went on a wild splurge after you had a fight with your mother. Or you've noticed the balance on your Visa is slowly rising higher. Or worse, your credit card debt has gotten so bad that you can't make the minimum payments and the banks are calling you. Worries about credit card debt can keep you awake at night and leave you in a constant state of anxiety. Not only is the situation stressful, the strain is bad for your health and can create tension in your relationships.
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Instructions
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Take responsibility for what you have done. Face reality: Your debt is getting or has gotten out of hand. This can be the hardest step in fixing this problem, but it is the most important one, for admitting that you created this problem decreases the likelihood of you falling into debt again.
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Forgive yourself. Beating yourself up over the issue won't make it better. You can forgive yourself for the mistakes you've made and still take responsibility for them. These two actions are learning experiences that will enable you to make better decisions in the future.
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Gain control of your fear. Overwhelming anxiety about the situation is often worse than the problem itself and can inhibit your ability to make decisions. Talk with a friend or someone you trust who has endured a similar problem to see how he handled it. Force yourself to do deep breathing, take a walk to clear your head or create positive affirmations to tell yourself when negative self-talk or a setback starts bringing you down.
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Take action. No matter the state of your finances are, you can regain control of them. If you need to declare bankruptcy or work with a credit counseling agency, do it. If your spouse has to keep your cards and only hand them over when the two of you agree to make a purchase, agree to it. If you are financially O.K. but you think working a second part-time job will quickly relieve your debt, do it. If you are at a loss as to how to handle your debt, even if it is not severe, contact a credit counseling agency and sign up for counseling services (see Resources below).
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Stop using your credit cards. Knowing that your debt won't go any higher will reduce your anxiety. Create a budget that you stick with and spend only the money you actually have. Aside from one card that should be kept for emergencies, cut up the rest of them up and close the accounts. If all your disposable income is used to paying your minimum credit card payments and you have no cash left for daily necessities (thereby forcing you to charge them on the cards), contact a credit counselor immediately. You absolutely must stop using the cards to get out of debt.
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Stay the course. No matter how long it takes to get your finances back on track, remind yourself each day that you are taking steps to improve your situation, and stick with your plan. Knowing that you are taking action each day by making wise purchasing decisions makes you feel more in control.
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Do something good for yourself regularly. If your finances permit it, start a savings account. As you make deposits each week, focus on the positive step you're taking to become more financially sound. If money is too tight for that, take care of yourself in other ways, such as cooking nice meals, taking soothing baths or creating a support system with friends to deal with your stress.
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