Financial Anxiety

Financial Anxiety and How to Battle It

Financial Anxiety

Current internet articles, posts, and headlines are filled with descriptions of the financial issues troubling many Americans. Layoffs, tax debt, and bankruptcies can add to the financial stress, and according to the American Psychological Association (APA), it’s taking a huge toll on our health.

While the country continues to recover from the recession, many of us still feel the weight of crushing debt. Unfortunately, prolonged financial stress can negatively affect our physical, mental, and emotional health. The good news is that help is available. Options like relief from tax burdens, debt management programs, and budgeting strategies can provide hope for anyone feeling the pressure of financial stress.

Managing that stress and finding support are essential to a journey towards financial wellness. Here are some tips for battling financial anxiety:

Know Yourself

No matter what you are going through, there is one person that you can always count on — yourself. Money problems aren’t necessarily your fault. However, your attitude will be one of the greatest determining factors for success. When you are surrounded by debt, with no end in sight, you can do two things: you can worry and stress about your problems, or you can embrace the experience as an opportunity for growth and learning.

Think about your financial problems as financial bloggers think about their money problems. They look at their finances as a resource for learning; once they learn what they need to thrive, they turn around and teach others. This learn-then-teach attitude is a healthy way to approach debt and desperation. Your debt is both an obstacle to overcome and an opportunity to become financially savvy.

Look for Support

Dealing with financial issues is stressful. However, perhaps the most difficult part is accepting help (either financial or emotional) from those around you. The APA lists social support as one of the most useful tools in the journey to battle financial anxiety. The APA recommends the following strategies to grow your support network:

  • Cast a wide net. Nurture relationships with all types of people, e.g., co-workers, friends, family, religious leaders.
  • Be proactive. Be confident enough to approach others about your struggles.
  • Take advantage of technology. Use apps, blogs, and other resources available to reach others. Find the best budgeting apps to increase your savings and create a plan to escape your debt.
  • Follow your interests. Use your hobbies to connect with others.
  • Seek out peer support. Blogs are a great way to connect with people in the same situation.

Help Others

Teaching others what you learn can be an important step on your path to financial peace. Consider sharing tips, strategies, and experiences through a blog. You will discover two things when you seek to help others learn how to establish financial goals: support can be found by supporting others, and the fastest way to learn is to teach. And who knows? You may even find another career path offering online financial advice.

Aggressively Seek Financial Freedom

The options for escaping debt are as numerous as the avenues for falling into debt. You should be seeking any and all viable options for relieving your financial burdens. Debt management and debt consolidation are feasible options for those with considerable debt. Budgeting, investing, job-seeking, raise- or bonus-seeking, and side hustles are all good ways to save.

Your journey to financial wellness will likely start out slowly. Yet, if you use the right money-saving methods, then before you know it, you’ll be racing down the road to a brighter financial future.

How Katherine in Michigan Retired Debt Free

Name: Katherine

Age: 62

Location: Michigan

When did you enroll in our debt settlement program and how much debt were you facing?

I had about 23,0000.00 worth of debt with 2 credit cards.

Why did you choose Pacific Debt over the options and companies you researched?

When I was looking for a company, basically, I went thru and saw Pacific Debt, I called and was put in touch with Josh Hallas.  In just speaking to him and his reassurances, I knew this was the company I was supposed to deal with.  Josh explained the company and just what we would have to do and he sent me the paperwork, and that was that.

Tell us about your journey through the Pacific Debt program? Are there any special team members you would like to recognize?

I have had Josh Hallas primarily throughout my whole journey.  There was another gentleman that I was dealing with, but then I was transferred back to Josh.  The last person I dealt with was Bethany R.  She was very helpful, but I was always transferred back to Josh.

How does it feel to be debt free? What are your financial goals moving forward?

It feels like a weight has been lifted off my shoulders and now I can retire knowing that I don’t have any financial debt hanging over my head.  That was and still is my primary goal.  Without the help of Josh and the other folks that had my case, this probably wouldn’t have been possible  – for me to retire without any debt.  I want to thank all the people at PDI who were there for me when i needed that little push to get myself out of a sticky situation.  I would recommend PDI to anyone who was in the situation.

We know we are not perfect. What suggestions or advice would you offer to help us improve our program? All advice is welcome.

I can’t think of anything that you would need to change, all of your people are very kind, courteous and helpful.  I thank them all from the bottom of my heart!!

Meet Christopher – Now Debt Free Thanks to Pacific Debt

Name: Christopher

Age: 35

Location: California

When did you enroll in our debt settlement program and how much debt were you facing? How did carrying all of that debt make you feel?

We enrolled March 2016 in Pacific Debt’s program, with $23,176 in debt. Carrying that much debt made it almost impossible to make ends meet. We could make only minimum payments, and would immediately be checking balances and available credit to see which card we could use next. Purchases were for necessities, not fun or frivolous items. We lived credit card limit to credit card limit.

Christoper, Debt Free, Pacific Debt

Tell us about your journey through the Pacific Debt program? Are there any special team members you would like to recognize?

Our journey through Pacific Debt’s program was worry free and easy. We were contacted immediately whenever something was needed, and we were informed of every step taken along the way. Brian LoBianco was amazing to work with! He took care of our account and our debts in the fastest way possible, never neglecting quality service, and ended up getting us great settlement agreements with our creditors. He was professional at all times, and we could tell that he cared about us and the assistance he provided.

How does it feel to be debt free? What are your financial goals moving forward?

It feels amazing to be debt free! One thing this program allowed us to do is learn how to live without using credit. By not being able to use our cards, and by lightening the load that we carried, we were able to manage our budget in a credit free way, realizing what we really needed, and what we could do without. Our financial goals are to continue to live completely free of revolving debt, not having to worry about paying high interest for what easily could have been the rest of our lives doing what we were doing before.

We know we are not perfect. What suggestions or advice would you offer to help us improve our program? All advice is welcome.

I honestly was completely satisfied. I will say, the first 6 months to 1 year of creditor/collector phone calls was nerve racking. Understanding that things had to get worse before they could get better was key, though it was still a time that worried us. Pacific Debt made sure we understood the process, and what to do with those calls and contacts, and that made all the difference. We knew Pacific Debt was in our corner the whole time.

Pacific Debt Inc. Debt Validation

Read Over 1300 Real Pacific Debt Client Reviews

At Pacific Debt, we’ve always focused on providing an awesome customer experience and delivering great results. Over the past 15 years, our team has settled over $200 million in consumer credit card debt and helped tens of thousands of individuals and families. Read more Pacific Debt reviews from people we have helped get debt relief through our debt settlement program.

A couple of years, ago, our team started actively asking our customers to share their experiences online, so that others who are struggling with debt could see for themselves the power of our program. In that time, our customers have shared over 1300 online reviews, with an average weighted user score of 9.47 out of 10.

Consumers who are struggling with excessive credit card debt are often unsure where to turn for help. Being an Accredited Debt Relief provider is no longer good enough for consumers who are living in the age of Yelp and Amazon, where real customer feedback and reviews are easy to come by. We’ve found that these first-hand experiences, from real customers, really make a big difference for consumers who are weighing their options and evaluating different companies.

While the majority of reviews are overwhelmingly positive and validate our program, we don’t turn a blind eye to opportunities for improvement. Any negative feedback received is used as a customer service opportunity and we follow up with our clients to better understand their situation and see what can be done to turn things around for them.

Read Recent Pacific Debt Reviews

To highlight the power of our online customer reviews, here is a recent review from Marissa in Pittsburgh, Pennsylvania via BestCompany.com:

“After doing some research and reading online reviews, I decided to reach out to Pacific Debt for help with my credit card and loan debt. I worked first with Rian to go over who they are as a company and how they were going to help. After being setup and starting their program, Kimberly B. became my account manager and main point of contact throughout this program. She’s awesome and keeps me in the loop regarding my account and settlement progress. It is easy to get in contact with anyone at Pacific Debt with questions or concerns. They understand your situation and answered any and all questions that I had.”

Read More of Our Reviews from our debt relief clients

For consumers interested in reading our online reviews, a compilation of our real client reviews can be found below:

What you're doing wrong with your debt

What You’re Doing Wrong With Your Debt

It’s likely that you only use credit cards to make everyday purchases. People don’t often carry around cash anymore simply because credit cards are more convenient. You might even have several cards for specific stores. You make payments here and there and wonder why all the sudden, you’re thousands of dollars in debt. $40 on gas + $100 on groceries + $5 on coffee + $15 on lunch during the week will definitely add up. I can also bet that you’re not just at the coffee shop or sandwich stand next door once a week. Then take that credit card debt and add it to your car payments, student loans and mortgage and you’re likely drowning in all the numbers next to that dollar sign. There are several ways to pay off your debt, but some methods are more effective than others. If several years have gone by and you’re still making payments on credit cards and loans, you’re probably doing something wrong.

Here are some of the common mistakes people make when paying off debt and how you can get out of that trap as soon as possible:

You don’t have a plan

It’s great that you are putting payments on your credit cards, but without a smart plan, you won’t really see your efforts pay off as much as they can. If you have several credit cards, it’s smart to make a list before you tackle them. Write down the credit card name, balance due, interest rate, minimum payment and due date. Some people have made the mistake of putting the minimum payment on all their cards or focusing on the credit card with the most balance. While this is a plan, it’s not the best one. Instead, focus on the card with the highest interest rate as that the one worth paying off first and the pay the minimum on the rest of your cards until you can solely focus on them. You’ll pay off your debt quicker in the long run when you’re paying off bigger amounts on a single card. Mainly focusing on one balance also makes your debt seem less overwhelming as opposed to throwing $50 here and there on multiple cards at the same time.

You’re missing payments

While you’re devising your plan, set up all your accounts to automatically pay by the due date. This will ensure that you’re not hit with late payments. If you know exactly how much will be coming out of your bank account and when, it’ll be easier to make sure you have the right amount of funds for that payment every time. You can even change the payment dates to work around your paychecks. Noting all of your debt information on paper or on a spreadsheet will help you see things in a bigger picture so you’re prepared every month. If you are charged with a late fee, call the credit card company and kindly ask if they will waive it for you. They’ll be more likely to reverse the fee if you tell them you’ll be setting your account to automatic payment, if this is your first late fee or if you’ve been a long time valued customer. It never hurts to ask.

You keep a balance on your cards to build credit

Keeping up your credit score should definitely not be a priority over paying off your debt and it’s likely that your good credit score got you into this debt in the first place. Carrying a balance on your card each month that you’re being charged interest for is actually ruining your credit. Pay off your debt now and stop worrying about hurting your credit score. There are several ways to boost your credit when it’s time, but for now, paying off these cards should be number one on your list. Also keep in mind that just because you have a high limit on your credit card doesn’t mean you should be maxing it out. A $15,000 credit limit does not equate to a shopping spree. In fact, you should be keeping your utilization rate low and your balance should not exceed 30% of your credit limit. For example, a card with a limit of $15,000 should never have more than a $4,500 balance. Doing this will definitely protect your score later.

You’re putting it off until you make more money

“When I make more money, I’ll pay this card off. When I make more money, I’ll clear all my debt. When I make more more money, life will be great.” Well when will that be? The time is now. The longer you procrastinate paying off your debt, the more debt you’ll be in. Simple as that. An emergency might come up. Your company might downsize. You might decide to pursue a different career and end up working a lower paying job until you learn the ropes. Who knows what can happen, but you don’t want to have all this debt acquiring on top of it all. Start paying off as much as you can starting now.

You don’t know your options

Stuck paying a high balance on loans you simply cannot afford right now? Got a balance with high interest rates? You have options and asking what they are is where you can start. If you’re paying off student loans and don’t make enough money to pay the monthly payments, don’t have a job as a recent graduate or recently got laid off, you can request a deferment or forbearance for a certain amount of time. Stopping payments on student loans for now can help you focus on your other debt. Refinance your car to reduce the amount you pay each month, reduce your interest rate and change the length of your loan. Also ask your credit card company if you can reduce the interest charge on your monthly payment. Some companies will grant this request if you’ve been a loyal customer who makes payments on time. It also helps if you have a good credit score or if it has recently improved. These companies want to keep you as a customer so simply request a lower interest rate and hope for the best.

You always give into your friends’ invitations

We’re not telling you to live like a hermit crab until you’ve zeroed out all your cards and loans, but you need to be smart about where you go out and how often. As much as you want to and as hard as it is to break bad habits, don’t accept every invitation your friends throw your way. Lunch here, coffee there, brunch on weekends and happy hour during the game can cost you hundreds of dollars a month when you add it all up. Plan accordingly, choose the events and be ready to decline if it’s something you can’t afford to do. Only try going out to celebrate your friends’ special occasions like birthdays and anniversaries and avoid the random “Wanna grab a drink?” invites. If your colleagues always go out for lunch on Fridays and you don’t want to miss out, vow to eat a packed lunch for the rest of the week and choose an affordable option on the menu. If you’re invited to watch the game at a bar during happy hour, eat at home first and you won’t be tempted to order something at the restaurant. You also don’t need to order a drink to enjoy the game. Be smart and disciplined (almost like you’re on a diet). When you’re on a diet, you watch what you eat, you create a meal plan, resist temptation and create incentives when you achieve your goals, like if you lose 10 lbs. in 2 months, you’ll buy new workout shoes. When you’re on a spending diet, you need to decide what’s a necessity and what’s a splurge. Create incentives the same way and treat yourself without breaking the bank. For example, for every $1,000 you pay off, reward yourself with a Netflix binge, a drive to the beach, a homemade pancake breakfast or a lazy day to sleep in and do absolutely nothing. Having a reward system for your goal to pay off debt can help you achieve it faster.

It’s not a priority

Having large amounts of debt can be extremely detrimental to many factors in your life. It can affect you buying a house, buying a car, going on vacations, changing your career, opening up a business or going to grad school. It can even cost you landing your dream job as a larger percent of employers check your credit along with running a background check. According to a 2012 study from the Society for Human Resource Management, 47% of U.S. companies conduct credit checks and if they see that you have poor credit history, have missed payments, filed bankruptcy or have large amounts of debt, it could cost you the job.

Your life will benefit greatly when you learn how to manage your money, pay off cards in full and on time, and experience what it’s like to live debt-free. It’ll feel like a huge weight has been lifted off your shoulders and you could be a lot closer to it than you think. Just make paying off debt a priority, cut out the bad habits that are costing you money, make a plan, find out your options and be disciplined. This can be hard, but it can be done. You just have to start somewhere. Don’t let debt run your life and the sooner you start paying if off, the sooner you can start living your life to the fullest.

Check your credit card report regularly

Why you need to check your credit report regularly

If you are in the market for a new home or a car loan, chances are you have already checked your credit report and credit score. You know how important good credit is to getting the lowest rate on those loans, but do you realize how important a good credit score is to other aspects of your life?

The truth is it is important to keep regular tabs on your credit history and credit score, even if you are not in the market for a new home or car. There are a number of reasons why checking your credit report should be a regular part of your financial life.


Good Credit Can Lower Your Car Insurance Rates

You may think that your car insurance rate is only influenced by your driving records and how many claims you have filed, but that is not necessarily the case. Many car insurance companies also look at the credit profile of drivers before setting their premium rates.

If you are shopping for a new car insurance policy, it is a good idea to pull your credit report first. A mistake on your credit report could results in higher premiums and wasted money.

You Can Recognize Identity Theft Before it Can Hurt You

Identity theft is a growing problem, and the results can be quite serious. Falling victim to an identity thief could leave you thousands of dollars in debt – and cost you thousands more as you try to clear your name and regain your reputation.

A careful review of your credit profile is one of the best defenses against identity theft. If someone is opening accounts in your name or taking out loans, that information will show up first on your credit report. Notifying the credit reporting agency – and the police – of any unauthorized activity is the best way to nip identity theft in the bud.

Bad Credit Could Cost You Your Dream Job

You already know that the local mortgage lender will check your credit report carefully, but what about your future boss? Many companies routinely screen the credit reports and credit scores of job seekers – and what they find could cost you the job.

Be sure to check your credit report carefully before you enter the job market. Check for any potential errors that could lower your credit score and cause a potential employer to look unfavorably at your job application.

As you can see, your credit report affects much more than your ability to get a loan. Knowing how your credit report is used, and how to check it, can help you fight identity theft, save money on car insurance or even land a great new job.

If you haven’t already done so, be sure to pull a free credit report over at annualcreditreport.com.

Online Money Management for Consumers

Overwhelming credit card debt is often simply a symptom of poor spending and money management habits.

A great free resource for consumers who struggle to balance their check books each month is MINT.com. The site is owned and operated by Intuit, the same company that provides the popular Tubortax and Quickbooks software. The site is 100% FREE.

Mint.com ties together all of you finances into one easy to use portal, including your checking and savings accounts, retirement funds, credit cards, mortgages and car loans. In addition, it allows users to set up custom budgets and tracks all of your purchases, regardless of whether you use your credit card, debit or cash. With the click of your mouse you can quickly see how much you have spent at Starbucks, at Target or on more general categories such as groceries or clothing. Mint.com will tell you how your spending compares to others nationally and give you tips to save money.

If you would like a more personal approach to money management, call Pacific Debt today 1-877-722-3328 and one of our representatives would be happy to review and budget and explain your options for tackling your debt issues.

No Upfront Fees Debt Settlement

If you are considering debt settlement as an option for debt relief help, it is important that you work with a company that does not charge you any upfront fees.

A recent FTC ruling has made it illegal for most debt relief providers to charge consumers a fee until they begin to see results.

Despite these changes, there are several companies out there attempting to circumvent the rules. Some of these companies are landing in hot water with state regulators and could be at risk of facing further sanctions.

Please note that Pacific Debt is in full compliance with the new FTC rules. What this means to you is that we do not charge any upfront fees, you must authorize all settlements and PDI does not get paid until you see results.

With no upfront fees the benefits to consumers are numerous, including: reduced financial risk, faster time till first settlement and a simple easy to understand fee structure. Full Blog Post.

Sub Prime Credit Card Lending Surges

Have you opened your mail box recently to find a mountain of new credit card offers?

According to a new report from Equifax the banks have seen a surge in new credit card originations over the past year. In fact originations are up over 28% year over years. Perhaps most revealing is this little nugget:

Notable within the data is that lenders continue to expand the subprime category with Feb. 2011 subprime bankcard originations* up by more than 75 percent over Feb. 2010 numbers, and total new subprime bankcard credit up by more than 66 percent.

Wasn’t sub prime lending one of the main drivers behind the great recession of 2008? At any rate we shouldn’t expect anything less from the banks, after all they are in the business of lending money.

If you are currently overwhelmed by credit card debt and are experiencing financial hardship, call us today 1-877-722-3328 and one of our Debt Specialists will review your situation and review all of your options. If you are a good candidate for debt settlement, we will cover all of the benefits and risks; if not, we will try and give you some good advice and point you in the proper direction.

BACK
Free Consultation
close slider

See How Much You Can Save


Start saving today! Get a personalized plan from Pacific Debt, the leader in debt relief with an A+ Rating from the BBB.


How much debt do you have?

Click to estimate

See Savings

100% free savings estimate and will not affect your credit