There are lots of creditors who will understand your financial as well as mental condition when you find it difficult to meet with the repayment requirements. They might even suggest ways in which you can get out of the stressful times.
Yes, they also gain by doing this because they will not have to fear or face losing the entire amount outstanding should you file for bankruptcy as your last desperate measure. Therefore, if you are facing any issues with your debt repayment or management it is wise and productive if you talk to your creditors, right at its outset. You will be better off paying your debts and attain financial freedom.
Do you have someone in debt?
To begin with, offer help and empathy for the individual especially if they have a mental health condition related to debt. Avoid making hurtful comments when you are frustrated [with the patient].
If the person has not begin treatment, encourage him/her to get help from professionals, such as a psychiatrist, psychologist, counsellor or doctor, as early as possible. In fact, you may want to help them seek the service of a reputable counsellor such as Regain.us
Be a pillar of encouragement and be concerned in the rehabilitation progress.
Link between debt and stress
Creditors can help a lot with your mental as well as physical health issues. This is because typically, an unmanageable debt is the link between depression and bad health, both mental and physical. If you take these both together, it can cause all sorts of serious troubles and may affect:
• Your life
• Mood and most importantly
• Your financial freedom.
Remember, both debts as well as your ill health can go out of control if not addressed carefully and taken care of on time. Believe it or not, depression is triggered by debt. This is the common stressor that will lead to mental and money problems so severe that at times it can even make you feel like giving up our life.
There are several researches conducted that people who have less debt typically enjoys a better health condition as compared to those people who are neck deep in debt of some kind or the other. They live happily and for a long time as well.
When you have multiple debts against your name it is natural that you will not be able to manage it properly. There will be a lack of a strategic plan and you will look for easy ways out. In most of the cases, these way outs are usually long and leads to further deterioration of mental as well as physical health conditions. Some of these wrong ways that people in debt choose more often are:
• Ignoring mails and collection calls
• Staying aloof from family, friends and society
• Contemplating on filing bankruptcy and others.
All these will lead to further jeopardizing your conditions, financial as well as mental. You will experience constant fear, lose your sleep, become non-social and unfriendly and if you file for bankruptcy you will damage your credit history for at least seven long years.
Manage it properly
Why should you invite such issues when there are ways to deal with your debts? When you talk to your creditors you will find these ways easily.
• They may suggest you to design a proper debt management program and even help you to design it.
• They will also help you in creating a proper budget for your household and suggest ways in which you can increase your saving by curtailing a few unnecessary expenses for the time being.
• They may also suggest you for a debt settlement or taking on a debt consolidation loan to reduce your stress. You will find a lot of such useful and beneficial debt consolidation loans and programs when you visit sites such as nationaldebtrelief.com or other reliable ones.
Therefore, there is no dearth of ways to get rid of your debt. All you need is to have the willingness and high level of commitment to manage it properly.
When you do so, you will be able to take care for your health and will not skip visits to the doctor as and when required.
Dealing with the creditors
As debt can lead to depression, similarly depression can also lead to debt. There are several types of debts that you may have such as:
• Medical debt
• Credit card debt
• Student loan,
• Mortgage foreclosure and
• Personal loans.
Too many debts will lead to poor management of finance and debt and will lead to depression. With your limited income you will not be able to meet with the monthly bills on time. you will either have to use up your retirement benefits and look for other destructive and desperate measures.
Your creditors or even a debt counselor will provide proper guidance and help to deal with both debt and depression at the same time. All you need is to follow a few disciplined steps.
• First of all, you have to admit that you are in debt and it is creating a problem for you
• Second you should follow the steps suggested by your creditor or the debt counselor
• Design and follow a strict budget and make a few changes in your lifestyle and spending habits temporarily and…
• Be patient as there are no quick fixes to such situations whether it is financial or your health.
As for your health conditions, you can talk to a doctor or even a psychiatrist who may suggest different treatment strategies depending on your health conditions. It may include medications, talk therapy, and taking help for the support groups.
Explain it all
When you negotiate with your creditors make sure that you explain it all to them. You should talk to the creditors about your mental problems. Never think that they will push you harder to pay up as there are strict collection rules and regulations. They usually will have specific policies and procedures to help out such customers.
Unless you speak out nothing is possible. Do not make them feel that you ‘Won’t pay’ but stress on the fact that you ‘Can’t pay.’ It is always better to talk face to face rather than over the phone or through email. If you wish you can take help of a debt advisor.
Be very precise if you are diagnosed with medical issues due to your debt. Attach a copy of treatment and the letter of the doctor. Chances are you will get some relief from debt calls.