Debt And Depression – Identify The Warning Signs
If your relationship is failing, you will likely do or say unusual things. Getting into a debt that seems unending can initiate the same response. The feeling of anxiety and desperation which can potentially lead to depression is something that you need to watch for. It may cause you to think irrational or arrive into a decision that isn’t logical, drawing you closer to the end of the cliff.
Being in debt can be more devastating whenever facing shortcomings like losing a job unexpectedly or failure to one’s health that may require a huge medical expense. This situation can cause a drastic impact to one’s mental and emotional disposition. Some may be direct to themselves as a failure. It may result in low self-esteem, which can hinder a person to believe in his or her ability to find another job or solution.
Furthermore, whatever may be the cause, the fact of having inadequate funds to sustain your living and support your family can tear your soul pieces by pieces if you lack the strength to think positively.
Seeking For The Quick-Wins
When faced with difficult times, the tendency to seek quick wins is possible. You might think of ways where you can get easy money instantly. Some may resort to disposing of valuable possession or assets or even try their luck in lottery and gambling. The significant point is, whether your outlet is feasible or not, you have to get a clear picture of your situation.
Recognizing The Signs
You need to be the captain of your own ship. You’re the best person that can save yourself from possible depression. If you’re thinking of something that will give you the wealth that you need in a second, you have to thoroughly look at the big picture and think before you act.
Talking to your family or to your partner might help you in designing a good action plan. They might give you certain tips and advice that will draw you into a more rational decision.
The Source of Your Fear
Primarily, your fear is due to your uncertainty in coping up with your obligation. However, debt is not the root cause of your anxiety. It is your feeling of being out on a straight jacket with no escape from your creditors who have gained control over your lives. Somehow you feel drawn into the deep well with no way out, no immediate help, and no light in sight. It seems like there’s no more hope of getting out, you’re not capable and it’s terrifying.
Take Control – Be The Boss
Before you give up and allow yourself to be drawn totally, you might need to consider shouting for help and think of ways on how to get out from the deep well. Similarly, when you’re debt is too much to bear, you might need to calm yourself and assess your situation so that you can come up with a solution. The initial step that you might need to take is to write down and itemize all your debts so that you can get the total figure of how much you owe.
Determine Your Goals
For you to craft a path to where you’re going, you might need to set a finish line. This can be done in determining your purpose or goal. Your utmost goal is to take control of your finances and eliminate your debts. Hence, your action plan should not be winning the lottery as it may sound reaching for the star on the morning sky. Your action plan towards reaching your goals should be feasible and should follow the S.M.A.R.T. system.
Set Priorities
Indeed your situation is not an easy fix; it is not something that you put together in a day or two. As you determine your goal and design a plan to achieve it, this will become your priority. You can involve your family or your close friends to have a healthy conversation and plan out your strategy.
Your Next Action Plan
Since you might have read about the nature and purpose of budgeting, methods of debt repayments, and building an emergency fund, these interventions might prevent worsening the situation.
In some cases, wherein it’s too much to bear, debt relief programs might favor your situation. You can seek debt consolidation loans or debt settlement. Also, you should find help may it a consumer credit counselling or a consumer proposal or other debt relief approach that suits your situation.
