Entering into adulthood comes with a wide range of new responsibilities. You must become independent, and in doing so, you begin to accumulate bills and must learn how to budget your money accordingly.
Managing debt may be a new concept or even an old, and regardless if you are a novice or well seasoned in debt, this can become overwhelming.
The Pressure of Spending Money
These debt concerns are causing a high level of stress for many Americans.
Clothing and home goods are hard things to avoid buying, so entering a department store may be a common occurrence. As you enter the store, signs are hung strategically to catch your eye to entice you to apply for a store credit card for extra savings.
The idea of saving money may seem like a logical plan. However, when you apply for multiple cards, you may be more likely to spend more, causing you to fall into a debt trap. Interest rates for these cards are usually high, which requires you always to pay more than the minimum balance if you plan to make a dent in your debt.
Those who hold credit cards commonly have at least four, and of those four, there is often a 17 percent interest rate. If paying only the minimum balance, it may take years to pay off, and with multiple, this can become overwhelming. This increased level of stress can begin to hinder your health.
How Debt Impacts Your Health
With a high amount of debt, one can become overwhelmed with how to handle their finances, causing, headaches, heart disease, high blood pressure, weight loss or even gain as well as insomnia.
How To Take Control Over Debt
How can you gain control of your overabundance of debt? Our chiropractors have some key tips to help you gain control of your finances, improving your overall health:
- Seek the advice and guidance of a reputable credit counselor.
- Reach out to your creditors. Many will work with you to set up financially feasible payment schedules.
- Minimize spending and stop incurring new debt.
- Use cash instead of a credit card.
- Use the money in a savings account that is earning minimal interest, to pay down any high-interest credit cards.
- Remove credit cards from your purse or wallet.
- Pick your smallest debt and pay it off, moving on to the next smallest debt.
- Gaining financial stability can seem overwhelming, but it can be done!