Having “$100,000 of personal debt” seems daunting and challenging to erase. At least, that is if you’re not talking to one of Beyond Finance’s skilled client therapists, Nathan Astle, CFT-I.
Many of our clients believe $10,000 poses a significant risk to financial wellness. Our financial therapists believe it could be a risk to mental health. Imagine adding a zero to that. GoBankingRates.com and Yahoo! Finance did and called some financial experts about how someone would begin to eliminate that kind of insurmountable personal debt.
Among the areas listed in the article for a consumer to tackle are:
- Recognizing the severity of the problem
- Listing every debt and source individually
- Creating a finite budget
- Paying off debts with the highest interest rates
- Establishing an “emergency fund”
- Considering debt consolidation services
When someone is confronted with their personal debt, it can be difficult. Our Nathan Astle understands the emotional component of financial wellness better than most. His advice is practical and often overlooked: “Give yourself a break.”
“Give yourself some compassion,” said Nathan Astle, financial client therapist at Beyond Finance. “Our financial lives are incredibly complicated. Some of it is a reflection of our financial habits, but there are larger systemic factors that we have relatively little control over. Getting into a shame spiral is not going to be helpful for your motivation. We don’t kick ourselves upwards.”
Does what he says make sense to you? Do you spend time bashing yourself over misguided or impulsive spending? Many other Americans do too. Did you know 3 of 4 people spend, on average, $300 per month–impulsively? Be graceful to yourself. It’s okay. The stress impedes your progress to get out of that debt.
The full article has tips that are easy to understand and execute. However, if you feel you can’t on your own, there is help, and it’s not embarrassing to ask for it. If you have $10,000 or $100,000 of personal debt, we can move you beyond debt in 24 to 48 months.
And it all starts with asking for help. We made it easy for you–five minutes of your time and your journey to living debt-free can begin.