Friday, 13 October 2017 08:55

How to Cope with the Emotional Side of Debt

Getting into debt isn’t something anyone sets out to do. However, every year, there are people who find themselves in debt, and cannot pay their way out of it without taking some drastic actions.

There is plenty of advice and support out there for the practical side of getting out of debt. But how much have you read that focuses on the emotional side of it? Probably very little. While it is important to act to start dealing with your debts and reducing them as quickly as possible, very few people focus on the way debt affects you as an individual. You may feel disappointed and frustrated you got yourself into this situation. You might feel embarrassed. You may feel helpless, feeling there is no real way you can easily extract yourself from the situation.

So, just as you take practical steps to solve your debt issues, you should also take emotional steps to heal yourself.

Talk to someone you can trust

Most people have at least one person they can talk to when life becomes tough. Make sure you speak to that person. You don’t need to get into numbers. But share what you’re going through. Debt is largely invisible in our society. We all know it exists, but few people talk about it or admit they are affected. Yet bottling it up makes things worse.

You don’t need to talk about it constantly, of course. But you may find you feel a lot better for sharing. And who knows, the person you talk to could reveal they’ve struggled financially, too.

Take action!

If you have just faced up to your debt problem, you’d be surprised how much better you will feel simply choosing to act to solve it. Nothing happens overnight, but even getting a notebook out and writing down all your bills and expenses will make you feel like you are taking back control.

Remember, it will take time to resolve your debts, just as it took time to create them. But acting to do something about them puts you back in control. It can make you feel more positive and empowered, too.

Get help if you need it

If you feel depressed or anxious, do talk to your GP. They help people with all kinds of health issues, including those that affect the mind. They can often recommend counselling or other supportive measures. Admitting you are struggling is not an admission of failure. Rather, it is a declaration of strength. Some people can never admit they have a financial problem, and that means it invariably continues to get worse.

As you can see, the emotional side of debt needs a proper strategy to cope with it just as the monetary side does. The worst thing you can do is to deny it exists, because that can make the whole situation far harder to cope with. Taking steps to take control both emotionally and practically is the best thing you could ever do.