How do you cope with being in debt? Being in debt is never easy, but it is something that you have put yourself into. If you want to cope with your debt, you should be preparing yourself to get out of debt. If you cannot get out of debt soon, you are going to have to find some ways to cope. It is the only way you are going to stay sane.
One good way to cope with debt is to realize that you have to make better choices in the future. Sure, you probably thought that you were going to look cool in the brand new car you bought, but you didn’t see that your income wasn’t enough to afford the car for 60 payments. Lesson learned, and you can cope with the debt by realizing that it you will never make such a poor choice again.
Realize that your debt is only temporary and that you will get out of it. The car payments will end eventually and you will have your student loans paid off at some point. You just need to be patient and keep plugging away until the debts are paid off. It might seem like the payments will never end, but you have to just keep on keeping on and pay the bill each month.
Try to see if you can get a loan to cover your debts. See if your parents will loan you some money to just get rid of the debt that you have. You will have to pay them back, but you will have better terms and probably lower interest payments as well. It might take some pride swallowing, but it is better than living with the stress of constant collection calls.
Get rid of everything that you can possibly give back. If you have lost your income, or simply realize that you are over your head, you could try to give the item back, or you could try and sell off assets. Hopefully this will lessen the burden of your debts even if you do have to take some sort of a loss on any sale. A voluntary repo is bad, but it is better than having something taken from you by force and being reported on your credit report.
Your money is precious, so you should try as much as possible to stay out of debt. However, if you find yourself in debt, you should make a plan to get out of it. Otherwise, it will just be a cycle that you will not be able to get out of. Don’t panic, be patient and you will see that debt is not forever if you wise up and start making better choices.