|Debt Mummy Art (Photo credit: Brad_Chaffee)|
Too often, people who are in debt don’t seek out help soon enough, instead they bury their heads in the sand and hope that the problem will somehow go away. Of course, it doesn’t. The problem with debt is that if you do nothing about it, the amount you owe just grows as each missed payment will mean that more interest is added onto the amount that you already need to pay back.
If you are ready to admit that you need help with debts, then there are some different ways to go about finding that help.
First, be honest with your partner. As the old adage goes, a problem shared is a problem halved, and while this might not actually do anything to change the amount of debt you have, it will ease some of the guilt and pressure if you have been trying to hide the debt from your partner. They may also be better at managing the income that you have and help you begin to pay the debt back through careful budgeting.
If this isn’t the case, you can always talk to a friend or relative who is ‘good with money’. They can help you go through the list of your expenses and debts owing, and look at your income and then see the best way to start reducing your living costs and clearing the debt.
Your debt levels may be so significant that self-help is not enough. In this case you can contact one of the many debt management companies that are now in operation. They will help you devise a debt management plan or if necessary, organise a debt consolidation loan – where you borrow a lump sum in order to pay off all the individual creditors who you owe money. This means you will still be in debt, but only to the debt management company and you’ll only need to find one monthly payment. Although this may cost you more overall than paying off the individual debts separately, it will take a lot of the stress and pressure out of the situation as you won’t have different creditors chasing you.
Whatever step you take to start clearing your debts, it’s positive that you are taking the decision to tackle the problem and move forward, and that in itself is very motivational.