No one likes to be in debt. It’s a stressful burden that can take a toll on your mental health. But did you know that there are ways to get out of debt and relieve that stress? There are plenty of options available to help you pay off your debt, including debt relief services, debt settlement companies, and debt consolidation.
All of these options can help you get out of debt and improve your mental health.
If you’re struggling with debt, don’t hesitate to reach out for help. There are plenty of resources available to help you get out of debt and improve your mental health. In this article, we’ll cover how debt affects your mental health and how you can get relief.
The Link Between Debt and Your Mental Health
It’s no secret that debt can be a major source of stress and anxiety. But did you know that debt can actually have a serious impact on your mental health? A recent study found that people with debt are more likely to suffer from depression, anxiety, and other mental health issues.
So doing whatever you can to reduce your debt can be one of the best ways to reduce your likelihood of suffering from mental health issues.
What are some examples of how debt can impact mental health?
Stress Caused by Credit Card Debt
One of the most stressful types of debt is credit card debt. That’s because this debt can be nearly impossible to escape due to how it’s structured. Unsecured debts like credit card bills charge compounding interest.
That means you wind up paying interest on top of old interest charges, making it extremely difficult to pay off once the balances grow too large to manage.
Negative Effects of Debt on Relationships
Becoming debt free can make a major difference in relationships as well. The constant weight of crushing monthly payments and high-interest rates can lead to heated arguments and tense living situations.
When you’re already worried about being able to pay your bills on time, trying to cope with relationship struggles only makes matters worse. Finding the best debt relief programs can turn around your family’s financial situation and lighten everyone’s mood.
Reducing Your Stress Through Debt Relief Programs
If you’re struggling with debt, it’s important to seek help from a debt settlement company or credit counseling service. These professional debt counselors can help you develop a plan to get out of debt, helping to relieve a lot of the stress and anxiety you’re currently feeling.
Remember, you don’t have to go it alone when it comes to reducing all your existing debts. There’s a debt settlement service that’s perfect to help you get through this tough time.
What are Your Debt Relief Options?
When you’re ready to seek help with debt relief, finding the right debt management plan is everything. All debt settlement programs aren’t created equal, so it’s important to consider all of your options and each of their merits and drawbacks.
Debt Settlement Companies
The best debt settlement companies can help you drastically cut your unsecured debt with high-interest rates and monthly payments. If debt collection calls are causing stress every day that’s harming your mental health, these companies can help you without requiring upfront fees.
Watch out for company claims that they can wipe all of your debts clean, however. Accredited debt relief companies can only reduce debts on unsecured debt and not secured personal loans like automotive debt.
Another type of debt relief service you might consider is debt consolidation loans. Similar to a personal loan, consolidation loans are a debt relief program that rolls your total debt into one lump sum payment—reducing your monthly costs along with late fees.
This is also one way to reduce the stress of paying your private student loans. One drawback is that typically debt consolidation requires a good credit score.
Credit Counseling Agency
Debt management plans from a credit counseling agency are the least aggressive form of debt relief compared with alternatives like debt settlement companies.
These companies usually take monthly deposits that are distributed to each of your creditors in return for reduced fees, rates, and monthly payments. This type of debt relief company sometimes charges monthly administration fees, so read the fine print before getting started.
What Do the Best Debt Relief Companies Have in Common?
Reputable Debt Settlement Companies Are Better Business Bureau Members
If you have medical debt or credit card debt, getting assistance with debt relief services can make your life much easier. However, be sure to look carefully into the debt settlement company you’re considering working with.
One easy way is running a quick search with the Better Business Bureau to see what the feedback from past customers says. The best companies will have excellent ratings and a long track record of responding to issues quickly.
Top Debt Settlement Companies Provide a Free Consultation
Another thing that makes one debt relief company better than other debt settlement companies is the free consultation. Getting debt relief services should always start with a free consultation.
Be sure to wait to make deposits into the dedicated savings account for payments only after you’ve created a solid plan that makes sense for you. The consultation process will help clarify any potential issues before they become a problem so you can rest assured your financial life is getting back on track.
Learn Which Debt Settlement Program is Right for You
Debt relief experts can help you deal with credit card companies for greater peace of mind. Finding top debt relief companies can be hard, so take the time to do your research before initiating the debt settlement process.
For starters, seek out debt settlement services that are A-Rated by the Better Business Bureau. One company that fits the bill is Alleviate Financial. Our debt negotiation services can help you become debt-free faster and lower your stress levels.