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Coping with stress and debt

We recognise that stress is something many people experience throughout their lifetime – and it can be caused by a wide range of factors.

Often, it can be that someone is in what’s described as a ‘pressure situation’, where they may feel they have lots to do – or think about – and feel ‘out of control’ with their day-to-day life.

One area that can often add pressure to someone’s life is being in debt, so having a plan in place to manage your finances and/or get on top of any debts you might have can help to ease some of the burden. The good news is there are various steps that can be taken when dealing with debt-related stress.

What are the steps we can take to reduce stress caused by being in debt?

  • Accept there’s a debt problem

If you feel out of control with your finances, consider if there are debts that you need help with. Sometimes accepting there’s an issue can be the hardest step, but once you do, you can seek the help and support you need to get back on track.

  • Talk to someone about your debt problems

We appreciate discussing debt issues with family and friends is something many people may find difficult. The good news is that there are always professionals who will be happy to help and advise you on the best way forward.

Some of the organisations you could talk to include:

The sooner you can take action and regain control of your debts – and ultimately your finances, the sooner the problem can be resolved and you can start to focus on your future financial wellbeing.

To get started, contact us to discover how we can help you. We’ll provide free, confidential advice on a range of debt solutions and discuss the most appropriate way forward for your personal situation.

Want to discuss debt solutions further? Use our online debt tool to find out your options

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Address the stress

Consider how you may feel once you’ve made the decision to get your debts under control, which could ease some of your stress. If you still feel stressed about other areas of your life, remember there are many organisations that can help – and that you’re not alone. If you feel you can, you can also speak with your debt adviser who will be able to signpost you to specific organisations, depending on the support you feel you need.

It’s very common when you’re struggling with debt to find it difficult to get a good night’s sleep. Debt-related stress and sleep struggles can come hand-in-hand, so addressing your debt problem could help to improve your sleep pattern.

If  stress is causing health problems

Whilst most people experience being under pressure at some point in their lives, feeling overwhelmed on a regular basis can start to become a problem, according to leading charity Mind.

Although stress isn’t a psychiatric diagnosis, it’s closely linked to mental health and can manifest in more serious conditions, such as depression, anxiety, panic attacks, migraines and more serious illnesses.

If you’re in debt and it’s making you feel overwhelmed and/or stressed, then it’s probably time to get some extra support.

Warning signs of stress

Stress can manifest itself in many ways. Here are some common signs to look out for:

  • Headaches and migraines
  • Neck or back pain
  • Chest pains
  • Fatigue
  • Loss of appetite or overeating
  • Lack of concentration
  • Short temper
  • Sleep problems

How can you help yourself?

Look out for the common symptoms and know when it’s time to seek help for what’s causing you stress. Whilst debt can often be a contributing factor, it’s not always easy to identify what’s causing that stress, so it’s important to seek advice from a professional.

If you’ve identified that debt is the cause of stress you’re experiencing, we’ll be here to help you take back control of your finances and signpost you for any additional support you might need.

Improving your financial wellbeing

We have an online resource to help people better manage their relationship and approach to money. The Financial Wellbeing Hub sets out steps to improve financial education and look after personal wellbeing. There are tips on reducing spending, maximising income, setting financial goals and finding out where emotional support is available.

Let’s make life more affordable

You’re just two steps away from taking back control of your finances and freeing up more money for you and your family.

No impact on your credit score.

Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
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Sandra Daly

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Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
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Sandra Daly

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