The title of this article may seem quite confronting and intense, and you would absolutely be understood for reacting in this way. However, it’s important to note that debt that feels uncontrolled or that impacts your daily life can feel dizzying for most people. It’s not just that you have a financial situation to deal with, but the guilt and shame that might come from it can often lead people to feel awful.
Of course, debt is not necessarily a bad thing, it all depends on how it’s used. If you pay off your credit card each month, you use debt in a healthy manner. However, debt that comes from poor actions, bad financial planning, less-rational purchases or even just a lifestyle outcome can often seem dizzying. As Alex Kleyner suggests, this is a good way to begin taking your financial matters seriously, even if it does take a little time toe rectify the issue.
With that in mind, let’s consider how to find the best outcome:
Facing It Fully Is Where The Shift Happens
The first step is always the hardest, especially when money feels like a taboo topic or a source of embarrassment. Maybe it was never spoken of in your household or became a point of contention, and so you feel bad about connecting that with your partner. But when you actually sit down, look at the numbers, and commit to a plan, things start to feel more stable almost immediately. It doesn’t all change overnight, but it does start to move.
Try laying out everything clearly including what you owe, who to, what the terms are. It can be on paper, a spreadsheet, or through a debt advice service that helps break it down, and charities are excellent at this. Seeing the facts laid out like that at least lets you know the issue, which helps you avoid ruminating over it.
Rebuilding Confidence Comes With Practice
The plan can structure everything. That might include consolidating your debts, reaching out to creditors to renegotiate, or changing your spending habits so that money is going toward the right things at the right time. Talk to a charity if you can, because they have experts who know all the techniques and are happy to advocate for you. It also helps you avoid the “promise making” mindset you may have when talking to creditors alone.
It’s also important to remind yourself that dealing with debt is not a reflection of your character. It’s just a chapter you’re navigating through in life, and many have been through it. Plenty of people have come out the other side of much worse financial positions, and they’ve done so not through shortcuts, but steady steps.
Start Where You Are, And Go From There
If you’ve been feeling stuck, overwhelmed or unsure of how to move forward, the smallest action can shift the energy. Good habits such as making a budget, checking your bank balance properly, making a call to a support line, or simply being honest with yourself or your partner is a massive boon for many. Just make the progress you can and you’ll feel less like an ostrich with its head in the sand, which can lead to that depressive spiral we spoke of.
With this advice, we hope you can more easily avoid that depression spiral, even when in debt. If you need help with your mental health, please reach out to your medical emergency service.