Debt Management – How to be Happy

Debt management is crucial to help you handle the misery of debt. But why is it that there have been countless studies into the question: ‘Can money buy you happiness?' Philosophers through the ages have debated this question, only to answer a resounding, ‘No'. A book by psychologist Oliver James has in fact blamed the pursuit of wealth and materialism as the root cause for the West's unhappiness, labelling the problem ‘Affluenza'. But this is too simplistic. Wealth and materialism certainly do not buy you happiness. Happiness comes from social belonging, fulfilment at work, good health and strong friends and relationships. But it's all a question of scale. Those people juggling difficult debt in need of debt management strategies, fearful they could lose their homes, and foregoing family holidays, would be happier without debt. Studies have shown that money does indeed buy happiness if it helps lift you out of difficult financial fixes, or poverty. Research shows that those lifted out of the slums in India showed a marked increase in happiness, yet those who are already super-rich don't value what they have, and so don't get the same sense of contentedness from materialistic possessions.

Debt management schemes for financial health

Debt is known to cause anxiety, stress, misery and even depression, which is another reason why debt management is so crucial. In an article in Newsweek on the subject of money and happiness, it notes: “Curiously, although money doesn't buy happiness, happiness can buy money. Young people who describe themselves as happy typically earn higher incomes, years later, than those who said they were unhappy. It seems that a sense of well-being can make you more productive and more likely to show initiative and other traits that lead to a higher income. Contented people are also more likely to marry and stay married, as well as to be healthy, both of which increase happiness.” So there is a direct co-relation between being comfortable financially and happiness. If you're struggling with the misery of debt, don't let it drag your future down – debt management strategies can help get you back on the road to financial health and happiness.

Debt management – Buy what you need, not what you want

Time after time, consumers seeking debt management help complain that they're over spending is keeping them awake worrying at night about their rising debts. A debt management scheme, such as an IVA or consolidation loan can help you prioritise your spending. Taking steps such as:

A debt management strategy, such as a debt consolidation loan

Cutting up your credit and store cards

Draw up a budget and live within your means

Ask yourself what void you're attempting to fill by overspending.

People often shop to ‘feel better' but in fact, spending time with a friend, on yourself or addressing your emotional needs would be more conducive. Spending only creates the illusion of control and comfort – but debt soon impacts negatively on your emotional well being, leaving you feeling out of control, anxious, and unhappy.

Speak to Kensington Finance for debt consolidation and debt management solutions.

Kensington Financial Management Consultants Ltd is a total finance solutions company helping people all over the UK. We speak financial sense. We will allocate you a friendly advisor who will chat through your current situation and formulate a plan for you without obligation. Let us work out a financial solution based on your individual circumstances. It's our aim to help everyone who contacts us. With debt solutions from debt management and IVAs, mortgages & re-mortgages, secured & unsecured loans and advice and information for debt consolidation, bankruptcy and Trust Deeds, we can help. It really is worthwhile giving us a call or applying online today for a confidential chat with one of our friendly advisors. Call FREE on: 0800 096 4409.