Being in debt is an emotional experience. Learning how to deal with these emotions can make the experience more bearable and lead you to financial recovery.
- Acknowledge that you are in debt and have gotten in over your head.
- Forgive yourself and focus on repaying the debt.
- Examine and understand why you overspend – ensure you don’t repeat those same steps.
- Put together a plan for breaking the overspending habit.
- Avoid making the problem worse with procrastination or feelings of guilt.
- Share your problem with your spouse or a close friend. Let go of the shame and secrets.
- Get professional counseling, if needed.
- Debtors Anonymous meetings offer support to addictive overspenders.
- If you tend to pay credit card bills late, buy yourself a CD or small gift every time you pay the bill promptly and avoid hefty late fees.
- Sign up for an automatic payment program with your credit card issuer to ensure that you make your minimum payment each month.
Making purchases can give you a false high that only masks underlying problems. Get help. Denial will only get you into more trouble.