Use a debt management solution to ease stress

Debt is a key contributor to stress both at home and work. We explain how a debt management solution can be used to ease stress.

A debt problem can be very stressful. If you are worrying about money it is likely that your life at home will be affected putting a huge strain on your relationship. If the stress of being unable to pay your debt is always on your mind it is simply impossible to concentrate on other things.

Debt stress can get so bad that it impairs your ability to concentrate on work and earning money which is the opposite of what you need if you are trying to pay your bills.

If you find that you are in this situation then a debt management solution will often be the answer to easing stress and getting your life back on track. We will consider the different debt management solutions available.

Debt Consolidation

If you are stressed about your debt, the first place you may approach to get debt management advice is your bank. The problem with this is that the only solution that the bank is able to offer is to lend you more in the form of a debt consolidation loan.

Just borrowing more may give you short term relief but it will probably not solve the fundamental problem of why you are struggling with your debt and suffering with stress.

BMD Tip: Consolidating your debt may even leave you in a worse position as now your debts are even higher. As such generally speaking a better way to solve a debt problem is to implement a debt management solution which will ease stress once and for all.

Are you stressed because of debt? Give us a call on 0800 077 6180 or complete the form below to speak to one of our experts

Debt Management solutions

There are three main debt management solutions in England, Wales and N Ireland. These are

Debt Management Plan (DMP)
Individual Voluntary Arrangement (IVA)
Bankruptcy

In Scotland the IVA is replaced by the Trust Deed

Each of these different debt management programs will ease stress if they are used correctly, but choosing the right solution will depend on your particular circumstances.

You need to consider the debt management solution in the light of the amount that you owe, what if anything you can afford to repay each month and what assets you own particularly whether or not you are a home owner. To help you choose the right solution it is important that you get the right debt management advice.

Debt management advice

You can find a huge amount of debt management advice on this website. You will be able to read about the different debt management solutions and use the online Debt Forum to chat to other people who have been in a similar situation to you about their experience.

You can significantly ease stress by simply sharing your situation anonymously on a debt forum and finding out how other people have dealt with the same thing. The debt forum will show you that you are not alone with your problem.

You then need to speak to a debt expert about implementing the right debt management solution for you. Actually picking up the phone can be very difficult so why not speak to one of the experts that you have become familiar with on a debt forum.

Taking Action is the key

If you are struggling with debt, the fastest way to ease stress is to implement the right debt management solution.

Worrying about whether you are choosing the right debt management program is natural but taking the advice of a debt advisor who you feel comfortable working with will really help you with this.

Starting a debt management solution is never an easy step to take but the sooner you take it, the sooner you will get back in control of your debt.

By doing this you will ease stress and find that life at home and at work will start significantly to improve.