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3 ways to cope when you are financially overwhelmed

Finances are a source of stress for countless people. There are many factors that can contribute to this—job loss, medical bills or unexpected expenses. Even if you are not dealing with any of these, you may simply by struggling to make ends meet on your income and budget. When the stress becomes more than you can bear, though, you might find yourself completely overwhelmed by your finances.

According to Forbes, 80 percent of people who report that they are financially overwhelmed say that excessive debt is the cause. There are several steps you can take to prevent buckling under the pressure. Consider the following three tips for getting through a financial crisis.

Reduce your stress

Financial stress is often exacerbated by other stress sources in your life. Finding healthy management techniques will help you deal with money issues and any other problems you might be dealing with, too. Activities such as meditation, calm breathing and practicing focus can help you more effectively confront stress—whether it be financial or not. Do not let money distract you from your health and well-being.

Set your priorities

Confronting the root of your financial stress may seem daunting, but it is an important and necessary part of overcoming it. In order to do so, you should set priorities that will guide you through the process. Consider whether you want to pay off your debt or find a way to discharge it. Similarly, consider whether you want to retain assets such as a home and car or liquidate these to repay debts. 

Research options

There are ultimately a number of options available to individuals seeking debt relief. You may consider Chapter 7 or Chapter 13 bankruptcy as solutions to the problem. Regardless of which path you choose, consulting with an attorney and investing in legal representation can help you navigate debt negotiation and relief.

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