{"id":783,"date":"2015-05-13T09:42:39","date_gmt":"2015-05-13T09:42:39","guid":{"rendered":"http:\/\/blog.mrlender.com\/?p=783"},"modified":"2020-05-22T12:39:29","modified_gmt":"2020-05-22T12:39:29","slug":"debt-a-problem-that-can-be-solved","status":"publish","type":"post","link":"https:\/\/www.mrlender.com\/blog\/debt-a-problem-that-can-be-solved\/","title":{"rendered":"Debt: a problem that can be solved"},"content":{"rendered":"

The link between debt and stress is well established, and with good reason. \u00a0When faced with the realisation that you owe money but\u00a0have no idea how to pay it back, the difficult prospect of having to somehow confront and conquer your financial problems can prove to be an overwhelming task, especially if you don’t know where to start.<\/p>\n

It’s therefore no surprise that stress has the biggest impact upon a person’s mental health when they are dealing with debt. The debt-free advice charity StepChange<\/a> <\/strong>estimates that between 50-90% of people have experienced mental health issues as a result of their debt. \u00a0In a survey of over 4,000 clients, StepChange found that people\u00a0in debt\u00a0developed feelings of stress, worry, being overwhelmed, ashamed and desperate, all of which can compound the financial problem further.<\/p>\n

\"Debt
Debt – a problem that can be solved<\/figcaption><\/figure>\n

Finding a way out<\/h3>\n

As a responsible lender<\/a><\/strong>, we believe that seeking help and advice about your debt is something that should be actively encouraged. We want to dispel the misguided perception that people struggling with debt will be subjected to shame or ridicule for revealing their financial problems. We believe that debt is a problem that can be solved, and with the right tools at your disposal you can feel empowered to take back control of your finances. That’s why we’ve put together these simple steps to help alleviate\u00a0some of the stress around the uncertainty of what to do next, and help you\u00a0regain control of your finances.<\/p>\n

Firstly, admit to yourself that your debt has become a problem<\/h3>\n

This step is probably the most crucial. \u00a0Without accepting the fact that you are in debt and need help, your financial problems are liable to continue spiraling out of your control, which can lead to more stress and other mental health issues. \u00a0In order to tackle the debt,\u00a0you first need to face it.<\/p>\n

Speak to your creditors<\/h3>\n

You might be surprised to learn that lenders don’t want their customers to be in debt, and are there to help any customer who is experiencing financial difficulty. Talking to your creditors about your debt is another step towards taking back control of your finances, helping to relieve some of the burden and stress created by initially ignoring the problem and trying to manage it all yourself.<\/p>\n

Talk to someone<\/h3>\n

The old saying “A problem shared is a problem halved” is worth heeding. By talking to someone about your debt and sharing your financial worries, it can hugely benefit your mental well-being by helping reduce stress levels.<\/p>\n

There are a number of debt advice organisations available for you to choose from:<\/p>\n