If you’ve been losing sleep over your finances, you’re not alone. According to a new survey, more than two-thirds of people say money issues are keeping them up at night. As reported on the Walletpop blog, more than one-fifth of respondents blamed credit card debt for the dark circles under their eyes.
A prime cause of stress is feeling out of control. If that’s how you feel about your credit card or other debts, one simple, highly effective step you can take is to “fix” your payments. Here’s what I mean. If you don’t charge any more on a credit card and you make the minimum required payment each month, then your required payment will decline a little bit each month. Paying this declining minimum is a sure way to stay in debt for a very long time. However, if you just fix your payments on this month’s minimum, continuing to pay this amount even when the required amount declines, you’ll get out of debt way faster.
To see how quickly you’ll be out of debt by fixing your payments or by paying more than the minimum each month, use this Accelerated Debt Payoff Calculator. Fixing your payments won’t solve your money problems over night. But it’s one powerful, proactive step you can take to regain some control over your finances, and that should help you sleep better.