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.

Debt Relief San Diego

Debt Relief Options San DiegoWhen doing a Google search for Debt Relief San Diego, consumers will notice that the first page of results are dominated by bankruptcy attorneys.

It seems that bankruptcy is big business in San Diego, however, as a consumer, you should be aware that when you are struggling to keep up on your bills, bankruptcy is not the only option.

Many consumers are not aware that debt settlement is often a great alternative.

San Diego Debt Relief Options

Depending on your specific situation there are several debt relief options that consumers can explore if they are struggling to make ends meet. When it comes to unsecured credit card debts, the 3 most common options for consumers other than bankruptcy are…

1. Debt Consolidation Loans – If you have good credit and can secure a loan at a lower interest rate than you are currently paying, this may be an option to look at. Most consumers associate this option with home equity lines of credit.

2. Credit Counseling Programs – If you are unable to get a loan for a lower rate and are currently paying average interests rates above 13% to 15% than a credit counseling program is an option to consider. There are many local and national credit counseling programs that you can contact for a free consultation to see if their payment plan will be low enough to give you the cash flow relief you are in need of.

3. Debt Settlement ProgramsDebt settlement is an option to consider if the payments on option 1 or 2 will be to high for you to consistently pay, and bankruptcy is not a good option either. With a debt settlement approach, you or a professional debt settlement company will negotiate with your creditors to reduce the amount of overall debt that you owe, allowing you to get out of debt faster than if you had to pay back the entire amount.

A debt settlement strategy is not a solution to all debt problems. Debt settlement is worth exploring if your situation meets some of the following criteria.

a. You have the ability and would prefer to pay back at least partially what you owe.

b. You can afford to make payments to your creditors, but just not enough to cover the minimum payments or pay off the debt within a reasonable time.

c. You either do not wish to or cannot qualify for a chapter 7 bankruptcy filing.

d. You have assets that would be wiped out in a chapter 7 bankruptcy filing.

e. It is highly probable that you will be able to raise the money required to settle your debts within a few years.

If you are struggling to keep up on your debt payments, or foresee a time in the near future that you will be, and answered yes to at least one of these statements than exploring the possibility of settling your debts would be a worthwhile investment of your time.

At Pacific Debt, we have offered debt settlement strategies to San Diego consumers as an ethical and honest debt relief alternative to bankruptcy for the past 10 years. We don’t believe in one size fits all solutions and design specific strategies to best fit our clients’ needs.

To find out if a debt settlement strategy may be the answer for you, contact us to set up a free consultation. One of our debt settlement specialists can assist you over the phone, or if you live in the San Diego area, feel free to schedule an appointment to come in and speak with us. Get out of debt San Diego!

We are located at
750 B St. Suite 1700,
San Diego, CA 92101

Next to Petco Park in downtown San Diego.

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