This online article provides an interesting 7-step “how to” handle the emotional implications of debt:
- Acknowledge that you are in debt and in over your head.
- Forgive yourself and focus on repaying.
- Understand how you got here so that you do not return in the future.
- Make a plan to break the overspending habit.
- Do not make the problem worse by waiting to take action because of procrastination or guilt.
- Share your problem with your spouse or a close friend.
- Get professional counseling, if needed.
This list provides a great starting point. It can also be very helpful to discuss your situation with an experienced consumer attorney for two reasons. First, many people find the process of discussing their situation with a consumer attorney often helps provide emotional relief. Second, a consumer attorney is trained in issues relating to debt, credit, and finance and can often provide you with ideas and avenues you may not have considered on your own.
(Source of list: eHow Personal Finance Editor)
