It's no fun being in debt.

Money shortages are always stressful and serious debt can emotionally drain you.

And yet, while you'll find lots of advice about the practical aspects of debt management, there is precious little help available for the psychological side of things.

Negative feelings like fear and anxiety need to be dealt with before they start to overwhelm you. So here are some self-help tips on how to deal with this challenging period in your life:

-- Count Your Blessings

It's only money.

Now that's probably the last thing you want to hear right now, but it's true. If your only problem in life is lack of money then count yourself lucky.

Losing your money isn't like losing a loved one, or being diagnosed with a terminal illness,

Money problems can be solved.

-- Accept Responsibility

Your own spending behavior is at least partly responsible for creating the problem.

So stop blaming the credit card companies for 'pushing' the debt drug onto you, the poor helpless victim.

You're responsible.

And that simple act of accepting responsibility will empower you and propel you towards right action.

-- Stop Spending

When you're digging yourself into a hole, the first thing to do is... stop digging.

Obvious?

Perhaps. But when someone realizes the sheer horror of serious debt, it's almost a natural defense mechanism to go into denial mode.

And one common method of denial is to continue spending and borrowing more money.

Just stop.

Rip up the credit cards. (Don't worry, you'll survive fine without them.)

And remember that you need exactly four things in this life: food, water, (basic) clothing, and shelter. Consider everything else a luxury.

-- You Are Not Your Money

Sadly nowadays, money buys status. It's easy to believe that your value as a person depends on the value of your bank balance.

Nonsense! You are a unique individual with many special qualities. There will never be anyone quite like you ever again. You're wonderful! You're terrific! And your character and personality are not a product of money.

Plus.. does it really matter what other people think of you? Well that depends on what you mean by 'people'...

Quite often they are "acquaintances"... or anonymous strangers you pass in the street who may admire your latest designer suit... or shop assistants happy to sell you another expensive item of jewelry.

Are these people really important to you? Of course not.

Focus on the folks close to you who really matter. True friends and family don't judge you by your wealth.

-- Grab The Opportunity

Life's problems are nothing more than tremendous opportunities for personal self-growth.

Ask yourself what you are learning from being in debt. Is it a humbling experience? In which case, is it really such a bad thing to discover what it means to be human?

Perhaps you are learning compassion for other humans, and beginning to see the beauty in other, 'ordinary' people.

And if you've lost your job - a common cause of debt problems - then look on it as an opportunity for a new start in life. What would you love to do - instead of just making money?

As you may have realized, being in debt is not all bad news.

Viewed as opportunity for self-growth, it can be the turning point on the road to true 'riches'.