Does debt or lack of money feel as if it is looming over you like a black cloud only it isn’t going to be rain that falls but your world?
Are you worried and stressed over the fact there never seems to be enough money to meet all your needs, no matter what you do?
Have the fees and interest charged for the use of a credit card or overdraft caused you to go deeper in debt, making you feel even more stressed? Do you feel unsure, lost, fearful or overwhelmed, unfortunately it is all part of being in debt.
It is possible to take control of your debt, and I have listed below 3 useful actions to take.
My 3 Top Tips
#1 top tip to bring debt under control, is to be honest with those around you. If you have been keeping it all to yourself, then talking about your situation will relieve you of some of the stress, and open you up to the opportunities you may have been missing whilst you concentrate on your financial situation.
It is embarrassing to admit you haven’t been great at managing your money, even when it isn’t your fault but due to circumstances outside of your control. Once you get over the initial embarrassment, you will be amazed at how good it feels to have been open about the whole situation.
You when you are open with family, friends, and people around you in your business. It is often the case they can help by providing a temporary solution taking the pressure off of you, while you decide the next course of action. It isn’t always a financial rescue but can be a service free of charge to help you in different ways in your business, or providing you with ideas to help you get financial help.
They may even come up with a permanent solution which you hadn’t thought of because you are so close to the problem you can’t see the ‘wood for the trees.’
The second tip is stop beating yourself up, it isn’t going to change the situation, it has happened. Life is too short to be wasting time and energy on blame and judgement, forgive and move on, and yes I appreciate it is easier said than done. However, unless you do so, it has the potential to create health and relationship problems.
The final tip is speak to the companies you owe money to, it is better to be open with them, thereby preventing additional fees even legal action.
If the companies know you are experiencing financial problems, they will do their utmost to assist you, as much as possible achieve an outcome with is good for you and them. They want you to repay your debt even if it means you have to make lower repayments and take longer it is in their interest to help you.
It is hard admitting you have messed up, and aren’t managing but once you make the first phone call the rest are easy. Have a list of your debts and your income and expenditure calculated as you will be asked and it is dealt with quicker.
Unfortunately debt has a habit of taking over your life, and it feels almost impossible to come up with viable solution. If you face your fear and take action, I can guarantee you will feel lighter and less worried.