Managing debt doesn’t have to be stressful and overwhelming.  Unfortunately, for most people, it is.  By staying in control and exercising patience, you can manage your debt without stress.

For many people, the most stressful part of debt management is dealing with the unknown.  This can be remedied by becoming educated about your finances.  Start with ordering a copy of your credit report from each of the three agencies; Equifax, Experian, and Trans union.  The reports will tell give your credit score your amount of available credit, and information on your debts and interest rates.  Once you have an accurate picture of your finances, you’ll be on your way to managing them.  If there’s anything about your credit report that you don’t understand, now is a good time to learn.  Conquering the unknown will go a long way toward lowering your stress level. 

Another component of stress is the feeling that you’re not in control.  This is common among consumers facing mounting debt.  It’s important to gain control by formulating a plan and sticking to it.  This starts with creating an accurate and realistic budget.  Once your budget is in place, you’ll know exactly how much money you have available to put toward your debts.  This will help you formulate a plan to pay it off.  After a few months, you’ll see the balances going down, and you’ll start to feel much better.

If this is all to overwhelming, or you find that you’re unable to manage your debt on your own, it may be time to seek professional assistance.  Non-profit credit counselors can help you examine your finances, budget, and work out a payment plan.  If necessary, a credit counselor may be able to negotiate with your creditors on your behalf, reducing your debts or arranging payment plans you can afford.  Credit counseling can negatively affect your credit, but after your debts are paid off, you can start rebuilding your credit.

The most important thing to remember when dealing with debt or when dealing with life in general, is to practice patience.  You must realize that it took time to debt, and it will take some time to get rid of it.  Rather than concentrating on how long it will take you to resolve your debts, try to focus on making steady progress.  As you stick to your plan and see your balances go down, you get closer and closer to being debt free.