Losing Sleep? How to Reduce Credit Concerns

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Are credit concerns keeping you up at night? You’re not alone: nearly a quarter of Americans have lost sleep due to financial concerns, whether it’s medical bills, damaged credit or an overwhelming schedule, we all have a list of financial worries. The irony isn’t lost on us, either: Without a proper night’s rest, you can’t perform well at work, stay healthy or tackle credit repair with the same effectiveness. If sleeplessness is plaguing your life, read on to learn some financial solutions.

1. Get out of debt. Easier said than done, right? While it may seem impossible, reducing your debt is the first step on the path to REM sleep. Learn a few strategies here.

2. Communicate with family and friends. We advise a healthy level of financial privacy. That said, talking to trusted family and friends is a good way to:

  • Gather advice. Let’s assume you have $1,500 in medical bills and no money to pay them. Your father has dealt with his fair share of debt and knows how to talk to insurance companies. He helps you develop talking points and a strategy. The result is a discounted bill and a reasonable payment plan.
  • If you’re feeling overwhelmed, a second opinion can be a valuable asset. Suppose you spent $2,200 on luxury items last month, and now your overspending has left you in a panic. You confess to your close friend who calmly helps you assess the situation. She suggests that you return as many items as possible and sell the rest in order to cover your debt. What was once an insurmountable problem has become manageable.
  • Feel better. Venting your concerns can be therapeutic. If you can’t see past your problems, talking about them could help you feel calmer and more inclined to take action.

3. Exercise. If you’re not working out, it’s time to start. Exercise reduces stress, increases endorphins and promotes an active lifestyle. It will also help you sleep better and feel motivated to engage in other areas of life, i.e., credit repair. Try to do at least 30 minutes of heart-pumping exercise each day, even if it’s in 10-minute increments.

4. Stop comparing yourself to others. Keeping up with the Joneses is hard work. If you’ve been struggling to get ahead—whether it’s at work or at home—take a closer look at your motivations. Are you working for a promotion because you enjoy your career, or are you trying to impress your friends? Did you buy a bigger home because you need it, or were you competing with a family member’s success? The bottom line: When it comes to financial matters, stop taking your cues from others. Focus on yourself and learn to appreciate what you have. 

5. Stop asking “what if?” What if I lose my job next month? What if I get hit by a car? What if we never have enough money to retire? Yes, life is tough and full of unwanted surprises, but losing sleep over hypotheticals won’t solve anything. Prepare yourself by reading the blog and being financially vigilant. In the meantime, focus on tangible concerns and their solutions. The result will help you maintain a positive outlook.

While worrying won’t fix your credit, action will. Gather your strength and resolve to pursue a better future. Your life won’t change until you change with it.