Being buried in debt can put tremendous amounts of stress on any individual. Here are some tips for handling stress caused by debt:
- Get help immediately. If you see that you are drowning in debt and simply can't pay, get some assistance. Some creditors are willing to negotiate repayment plans and if not, you can use bankruptcy to relieve some of the stress. Bankruptcy can be effective in relieving the stress of debt even if you are employed. You do not need to be unemployed to file bankruptcy.
- Stop the calls. If you are receiving menacing calls from creditors, you can stop them from calling. By law, debt collection agencies are required to stop calling you if you send them a written request to stop calling. Also, filing bankruptcy will stop creditor calls and collection activities against you.
- Take care of your priorities first. Don't allow your essential bills such as mortgage/rent payments and food expenses to fall behind because of credit card debt and other loans. Remember, when you file bankruptcy, the bankruptcy court allows you to pay your essentials first. No judge will order you to sacrifice the basics of life to pay a credit card bill or other debt.