Depressed Over Finances

Are you depressed over your finances? Financial struggles affect our lives.

People who carry debt have higher rates of depression and anxiety than those who are debt-free. A recent survey showed that 42% reported debt as a source of high or moderate anxiety. Now if that’s you, it’s time to get your finances in order…now.

The process begins by gathering records of what you owe and making a plan.

The Snowball Method attacks the smallest loan first. It motivates psychologically by quickly eliminating one loan, so you can move on to the next.

The Avalanche Method attacks the highest interest-bearing debt first so less money is paid out overall.

The Snowflake Method is paying a little down on your debts as you are able.

Now all will work! You just need to determine which works for you – then get started! Find ways to earn extra cash to pay towards debt. Take on a part-time job, try selling things you don’t need on Facebook Marketplace or Craigslist. Consider moving or driving a cheaper car.

Cut back on unnecessary spending. This will provide extra money to pay towards debt. Or build your emergency fund so that you won’t depend on debt the next time the unexpected happens. Don’t complain or feel sorry for yourself. Simply face the facts, be grateful and look for God’s grace in your situation.

Jesus said: “Come to me, all you who are weary and burdened, and I will give you rest.” (Matthew 11:28)

Every step you take away from the financial cliff will ease your anxiety.

If credit card debt is robbing you of joy, I recommend Christian Credit Counselors. They can create a debt management plan just for you. For more information call the Crown Helpline at 800-722-1976 or visit online at crown.org/ccc