Debt is Unhealthy!
Did you know that debt causes health and behavioral problems? There is a link between debt and Mental Health. There is an illness called Debt Stress Syndrome. Too much debt leads to depression, drug and alcohol abuse, panic attacks and insomnia. You can feel helpless and hopeless. The financial crises minted another illness. Debt Anger Syndrome. When you feel that your “rights are violated” because of unexpected job loss and your inability to pay the bills, the result is anger. I feel like the character Lucy in the Charlie Brown comic strip. You may have Money Anxiety Disorder. If you have Money Anxiety Disorder you may:
· Compulsive Buy
· Lye to your partner about income or expenses.
· Spend too much on a relative, usually a child, to compensate for a deficiency elsewhere.
The good news is that paying off debt builds positive psychological effects. Advantages to paying off debt include:
· Less Stress
· Higher Emotional Intelligence
· Accomplish Life Goals
· Boost Confidence
· Better Relationships
Debt Payoff Plan
1. Stop buying unnecessary things with credit!
2. Write Down your debts and their amounts.
3. Compare the interest rate of each account.
4. Find and focus on paying the account with the highest interest rate.
5. Pay the minimum on the remaining accounts.
6. Create more cash through legit side hustle. Use to pay debt.
7. Change your Behavior. Stop spending on needless items.
8. Give yourself 24 months to see large results. You may still not be out of debt. It’s OK.
9. Put your debt payoff plan in writing and give it to a trustworthy friend to hold you accountable.
Check put this link to Bankrate.com. This article describes the benefits of living a debt free life.