Dealing With Debt Can Improve Your Mood

Dealing With Debt Can Improve Your Mood
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Written by Lauren Topor

If you’re in debt, take action now.

Debt is something that most of us have. While it’s easy to get into debt, it is a lot harder to get out of. A serious problem can often lead to feelings of dejection and even depression. But you do not have to let it ruin your finances or your life. There are a number of options that will help you get out of debt and make you feel good about yourself in the process.

Get an Installment Loan

An installment loan is a great option for debt consolidation. You can take out one loan and use it to pay off your debts. You will make monthly payments on the loan until you pay it off in full. The length of an installment loan term can vary, but most people pay them off within 12 to 60 months.

Installment loans can be a better option than credit cards because the interest rates and monthly payments are typically lower. There are several requirements that you have to meet before you get approved for one of these loans but the good news is you can find some online at sites like This way you can apply from the comfort and privacy of your own home.

The lender will take your income into consideration. They want to make sure that you are making enough money to pay the loans back. They may also ask you to verify your income. For example, you may be asked to send in a copy of your tax return or pay stubs.

Most lenders will also review your credit report. They want to make sure that you do not have a history of defaulting on loans or credit cards. Good credit not only increases your chances of getting approved, but it will also allow you to get a loan with a better interest rate.

Look at Your Spending Habits

In some cases, debt problems are the result of poor spending habits. If you are struggling with debt, then you will need to review your budget. Make sure that you know exactly how much money you have going out and coming in. You should also look for ways to tweak your spending habits.

You may be spending money on things that you do not necessarily need. For example, if you are buying coffee every day, then you may be spending hundreds of extra dollars per year. You can save money if you make your own coffee at home. You can also save money by cooking instead of eating out.

Additionally, if you have memberships that you do not use, then you should cancel all of them. Renting movies instead of going to the movies, getting rid of cable and shopping around for better prices on the things you use are some of the other ways that you can save money.

These changes may require sacrifice, however, taking positive steps forward can give you a feeling of accomplishment that you are finally confronting the issue and taking control of it. That is why the sacrifice will be worth it.

Consider Bankruptcy

If your debt is more than you can handle by taking the above steps, bankruptcy is an option. It will allow you to wipe out most of your debt. You can file Chapter 7 or Chapter 13 bankruptcy. Chapter 7 will allow you to get rid of most of your debt within a few months. However, your assets may be sold in order to pay off your creditors.

Chapter 13

Chapter 13 bankruptcy is a debt restructuring plan. It allows you to pay back your debt within three to five years. Both Chapter 7 and Chapter13 bankruptcy allow you to start over with a clean slate. However, bankruptcy should always be the last option. Your credit score will suffer, and it can take a while for you to increase it.

Debt is not something that you have to be stuck in forever. You can get an installment loan and reevaluate your spending habits. If debt is still a problem for you, then you can file for bankruptcy.

The important thing is to take action now, the longer you wait the worse it gets. Ignoring debt will not make it go away, only you can do that by confronting the issue head-on and taking control of it.

Identity Magazine is all about empowering women to get all A’s in the game of life — Accept. Appreciate. Achieve.™ Every contributor and expert answer the Identity 5 questions in keeping with our theme. Their answers can be random and in the moment or they can be aligned with the above article. As a team, we hope to inspire and motivate ourselves and inspire you to get all A’s.

1. What have you accepted within your life, physically and/or mentally? What are you still working on accepting?

I’ve learned to accept that we have to all appreciate the little things and to not take anything for granted.

2. It’s all about appreciation. What have you learn to appreciate about yourself and/or within your life, physically and mentally? What are you still working on to appreciate?

I appreciate and I’m blessed to have loving family and friends in my life.

3. We want to know about that one most rewarding achievements in life? What makes YOU most proud? What goals and dreams do you still have?

My biggest achievement is graducating from Arizona State University in 2013!

4. We all have imperfections, so we think. The truth–we are all perfectly imperfect. What are your not-so-perfect ways? What imperfections and quirks create who you are–your Identity?

Working to keep in mind that nobody’s perfect–it’s been hard to accept it.

5. “I Love My…” is an outlet for you to express and appreciate all the positive traits that make you…well… YOU! Sharing what you love about yourself will make you smile, feel empowered, and uplift your spirit and soul. (we assure you!) Identity challenges you to complete the phrase “I Love My…?”

I love my unwavering intensity. Everything I do is 100 percent.


Photo by  Kat Yukawa  on  Unsplash

About the author

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Lauren Topor

Lauren Topor is a lifestyle writer based in the Southwest who spends her days writing about food and health, fashion, fitness and entertainment.

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