5 ways toReduce Financial Stress

by: www.newhorizon.org

Money-related issues can

lead to serious stress

and anxiety, especially

stuck in bad debt.

Here's what can you do in order to eliminate tension

caused by a financial dilemma:

#1. Create a financial plan.

● It’s very important to be aware of your financial

status.

● Many people find themselves stuck in a bad debt

situation because they did not have a plan to start

with.

● It is so easy to spend more than what your budget

permits if you are not conscious about your

finances.

#2. Know the difference between good debt and bad debt.

● Acquiring debt is not always as bad as it seems.

The key is to make sure that you will be able to

keep up with repayment of your debt(s).

● Before applying for a credit line or a loan,

evaluate why you really need a credit card or a

loan.

● Understand the terms of repayment to avoid

unpleasant surprises later on.

#3. Eliminate debt one step at a time.

● If you are dealing with multiple debts, it may not be possible for you to pay all your creditors at once.

● Nevertheless, don’t let the lack of cash discourage you from taking charge of the situation.

● If you begin paying some of your debts now, you will be able to recover from your problem much sooner.

#5. Speak with your creditors.

● Hiding from your creditors will not solve anything.

● The best thing you can do is negotiate your debts with each

creditor.

● Request if you can get a lower rate, or if some of the fees can be

waived so you can catch up with repayment.

For more information:http://www.newhorizon.org/credit-info/how-to-reduce-money-related-stress/

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