The statistics are overwhelming, but there are things that can be done.
On top of that, if you have federal student loans and are in default, you can be subject to wage garnishment. The governmentIf you’re feeling buried under the weight of what you owe, there are steps you can take, but first understand that debt doesn't make you a bad person. “Our society has this underlying narrative that debt is ‘bad.’ When we have debt, the lines can start to get blurred from ‘debt is bad’ to ‘I am bad,’” explains Bryan-Podvin.
Additionally, try to do some rethinking when it comes to money, in general. We live in a capitalist society with what many critics call a, and while acknowledging that doesn’t erase your debt or the stressors you’re currently dealing with, it may help reframe your situation. We play with the cards we’ve been dealt, to some extent, and it can be helpful to take a closer look at the ways these institutions actually work from a social justice perspective.
Clayman also suggests getting back to basics and taking an inventory of where you’re at. “Reground in basic survival needs, in the here and now. Do I have a roof over my head? Do I have food? Is there someone I can call? Get back to the moment,” she explains. Doing this can help shift your focus away from the daunting, unknown future that seems impossible. You want to lessen the anxiety before tackling your debt head-on. “It is often much more valuable to step away from money tasks for a period until you can reground and move through the stress reaction in your body,” says Clayman. “Then come back to the money piece.”
To start, you can consider counseling. When I was paying off what I owed and deeply depressed, I found affordable counseling through the local college’s graduate counseling program. “If you are employed, seek therapy through your benefits package or Employee Assistance Plan,” suggests Bryan-Podvin. “Financial counseling can help too. This is a specific type of guidance that helps people create financial plans to achieve goals and get out of debt.
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