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What can I do in response to debt stress?

For many, keeping ahead of expenses is a challenge. First, there is the high cost of living. If you have a family, a mortgage and a car note, you will automatically be paying out a hefty sum every month. So it is little wonder that people find themselves accruing debt simply to cover other necessities.

And it is all too easy for debt to build. This is especially true if you experience some form of misfortune, such as the loss of a job or a divorce. In such circumstances, carrying debt can become extremely stressful.

So is there anything you can do in response to feeling emotionally crushed by debt? The answer is yes, but it will involve taking a little personal inventory and perhaps changing some behaviors.

One important way you can slow some of your growing debt is to cut down on unnecessary spending. This may sound obvious, but it is not always that easy.

According to a social psychology journal, some people purchase expensive items as a means of reestablishing their sense of self-worth. A person who is drowning in debt may make an ill-advised purchase simply to have a sense of completeness in their own eyes and in the eyes of others. But high-status items bought on credit will only feed the cycle of debt and make things that much worse.

A better way of coping with debt stress is to place emphasis on the things in your life that hold real value. Certainly, a priority should be given to your health and well-being. And sometimes the healthiest thing you can do is face the causes of your distress directly.

If your debts are seriously affecting your ability to be happy and healthy, you may wish to consider the benefits of filing for bankruptcy. And a personal bankruptcy attorney could assess your financial situation and offer guidance on which kind of bankruptcy best suits your needs.

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