How to deal with debt-related stress

Here at Lowell, we really do understand that it can be stressful when it comes to dealing with debt. We’re on a mission to remove the stigma surrounding debt and encourage open and honest conversations with our customers about what they’re going through.

That’s why we’ve created this guide talking about how to spot and deal with debt-related stress as well as if you’re struggling with paying a debt that you have with us.

How to spot debt-related stress

Being able to spot the signs that you, or someone close to you, may have debt stress isn’t always easy. This is because everybody is different, has their own individual circumstances and deals with debt stress differently.

However, some possible indicators that you or someone else may be dealing with debt worries include:

• Feeling sad, sick, or overwhelmed when thinking about debt.
• Debt concerns and worries impacting sleeping and eating habits.
• Pulling away from friends, family, and other loved ones.
• Being unable to properly focus on work or any other responsibilities.

It’s not surprising that debt stress can make it even more difficult to manage your finances. For example, you might find it difficult to budget and not pay attention to your spending habits. Not only that, but you might be reluctant to talk about it or seek help.

We appreciate that any sort of changes in your circumstances could lead to debt stress. So, if you find that your personal situation has changed and you’re struggling to manage your debt with Lowell, please get in touch with us.

On top of that, we’ve also already written a guide on how to create a budget and manage your money that has all our top tips to help you on your journey to clear your debt with Lowell.

How to deal with debt stress

Once you’ve realised that you may be dealing with debt stress, you can begin to take the first steps to try to deal with it and take control of your finances. Here are some ways you can get started:

• Reach out to your creditor – Once you’ve let your creditor know about your situation, they will be able to look into how they can support you and ease your worries. This could include changing your payment plan or putting you in touch with organisations that can offer free, impartial advice and help you understand if any debt solutions are available to you.
• Talk to loved ones – Whilst you might not want to share any debt concerns with friends or family, this can help to put things into perspective. Talking to others about how you feel can feel like a weight being lifted off your chest and they may be able to better support you.
• See what changes you can make – Whether that’s identifying where you spend the most money or creating a budget plan. Any little step you can take is progress on your journey to being able to better manage your finances.

If you have a debt with us and are still unsure what else you can do, we’re here to listen and help. Just get in touch with our friendly and trained team who will always work with you to find the best .

What to do if debt stress is causing health problems

If you’re struggling with debt and feeling worried or stressed, this can be a completely normal response. Hopefully, this is a temporary feeling and will begin to ease once you can start taking steps to deal with it.

However, if you are finding that debt stress is causing health problems, then you might want to consider contacting your GP. There are also other organisations such as Samaritans and Mind that can offer confidential and impartial emotional support.

To find out more information on this topic, you might want to take a look at our guide on debt and mental health.

What Lowell customers say about working with us

At Lowell, we understand that debt is a health and well-being issue. That’s why we don’t usually apply any interest or charges, so you know that everything you pay goes towards clearing your debt. However, while this is the case it’s important to remember that ignoring the situation could make things worse.

How Lowell can help with debt stress

We know it can be hard to ask for help. But it’s important to remember that there are many options out there that can make things easier for you. We care about our customers and their well-being and are always looking into how we can support our customers on their journey to becoming debt-free with Lowell.

Here are some of the ways we can support you when it comes to debt stress:

• Review your payment plan – We understand that if your personal circumstances change then your original payment plan may no longer be affordable. We’re extremely flexible so once you’ve reached out to us, we can look at coming up with a plan better suited to your current situation.
• Altering your payment plan - We know that sometimes you might need some time to figure things out. If you’re having a tough time, do get in touch. Once we’ve heard from you then we can see what we can do to help and support you which may include changing your payment amount, the frequency of when you pay or even the method by which you pay.
• Speak to our friendly team – At Lowell, we have a great team who are trained to be considerate of your situation and help find you the right support. And if you need additional support, Lowell can help to put you in touch with other independent organisations such as StepChange and National Debtline who can assist you further and we will provide you with the time that you need to speak to them.

If you’re finding things difficult, it might be worth looking into other ways you can resolve your debt. You can check out our guide on the different types of debt solutions which delves into some of these in more depth.

At Lowell, we don’t want anyone to experience debt stress or feel like they’re alone when it comes to concerns and worries about their Lowell debt. If you ever find yourself feeling overwhelmed when thinking about your Lowell debt, please get in touch with us.

For more information on how working with Lowell can benefit you as well as a wide range of helpful debt-related guides and articles, you can visit the Lowell blog or our debt guidance hub.

Published by Stephanie North-Shaw, 15th March 2023

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