Debt sounds simple – it’s defined as “an amount owed to a person or organization for funds borrowed” but, in reality it goes far, far deeper than that – beyond just a simple financial transaction to something that can cause untold worry, stress, anxiety, despair and even depression. Something that can affect lives, cause the loss of property and can break even the strongest of relationships. Something that can keep you awake all night, dreading the post to arrive or the phone to ring and making it impossible to concentrate on anything, to relax or to enjoy any part of your life.
If any of this rings true to you then it’s time to do something about it, face facts and grab the problem by the proverbials and tackle it head on and, believe you me, there are plenty of people and organisations out there ready, willing and wanting to help ease the stress of debt.
Don’t take on any more debt: This may sound pretty obvious but, when you’re in a financial hole it can often seem so easy to borrow more. Sure, this may solve the problem today but it’s sure as hell going to make it worse tomorrow so … no more debts!
Face facts and budget: Nothing difficult at all, just list out everything you owe and to who, list out all your regular outgoings and all your regular income. Be honest and include everything. This sounds like a really unpleasant job but it’s not, in fact I will go so far as to say you’re almost certain to feel a little better after doing this – you’ll know exactly what you owe and how bad the problem really is. You’ll also be able to spot any areas where you may be able to make cutbacks and savings.
Make sure you prioritise your debts too and make sure you pay the important ones before any others – mortgage, rent, tax, national insurance, council tax, water etc.
Whether you decide to handle your debt problem yourself or find help you’re going to need to do this so you might as well do it first.
Share if you dare: Many feel so ashamed by debt that they feel they can’t share it with anyone – even those nearest and dearest but these days there is no stigma so don’t hide it from loved ones, be honest with them and you will be amazed how much better you will feel being able to have someone to share with. You’re not alone – far from it – personal debt in the UK stands at around £1,450 BILLION, 330 people will be made bankrupt today, around 100 properties will be repossessed tomorrow … you are NOT alone.
Seek help from the people who know: Everyone’s debt situation is different and hence each solution will differ too but the one thing to never forget is that there is ALWAYS a solution. There are three options available:
1: Self Help For Debt: Giving you the tools and knowledge to handle your problems yourself. Most of the charities listed below will provide access to self help resources and tools to help you every step of the way.
2: Debt Charities: Helping you help yourself with free advice, resources, counselling and help to manage your debts.
Also, read our article on Where To Find Free Debt Advice
3: Commercial Debt Management Companies: Give them the facts and all your information and they’ll take over for you … at a cost (and yes, you will be able to afford it).
Whether you do it yourself, take help and advice from one of the many charities of pass your problem to the professionals you won’t believe how it will change your life – that one small step, that first phone call is all it takes to get the incredible feeling of relief that you have help, the feeling that you are taking back control of your life and that fact that you are able to start living again.
Share the debt problem, ease the stress of debt and don’t let it make you ill … it’s only money after all!