Debt can feel like a lonely place. Debt problems are most commonly associated with feelings of shame, anxiety and depression. And these are powerful emotions. If left, they will stop you from taking positive action regarding your money problems.
If you’re in debt it’s important you take action quickly. You need to take care of not just your finances but your mental and emotional health; these actions, whilst difficult initially, are the best positive actions you can take.
1. Own up
The first step to regaining control is recognising your problem and no longer burying your head in the proverbial sand. After admitting it to yourself, telling your partner, or trusted family members or friends, will make it real and help lift the burden caused by keeping your finances a secret.
Allowing yourself to be honest will feel like a weight lifted off your shoulders and the people you tell will form your first, and valuable layer of support.
2. Understand why you feel ashamed
People can feel shame regarding their finances for numerous reasons. It could have been formed during your childhood or brought on by adult responsibilities. Perhaps you feel shame for not being able to keep up financially with peers, or overspending is linked to your emotions and you binge spend to cheer yourself up. Whatever the reason, understanding it will help you build a more stable future.
Although understanding the cause of your shame won’t absolve your debt, it provides you with a starting point – and an opportunity to build a more positive relationship with money. It can help you understand why you ended up in debt, allow you to recognise triggers and to make better decisions going forward.
3. Ask for professional help
An obvious one I feel. Whilst family and friends create your starter support network, a professional can help you find a practical solution to your debt and help you through the process. They will help you set up payment plans and deal with creditors on your behalf, helping you to tackle your debt and become debt-free once again.
If you are dealing with uncontrollable debt, don’t feel ashamed and try to hide the situation, you’re not alone. It’s important to seek financial advice as soon as possible. Clive can help you find a sensible solution to the problem. He will help you regain control of your finances, and return your life to you.
Talk to Clive today on 01656 661426 and set up a FREE consultation or click here to contact him.