If you, your partner, or both of you are struggling with debts, it can affect the whole family and become a very harrowing experience for all. The effects of debt can cause stress, depression, anxiety and even aggravation of various physical illnesses too. The only way out of the problem is to communicate and work together to solve it, or seek help from an advisor.
Talk about the problem
The old saying “A problem shared is a problem halved” is appropriate in this situation. Communication is key when one or both of you are struggling with debt. It doesn’t help to hide the problem or how you are feeling. It is beneficial to discuss the debts, including how they have arisen and how they have got out of control, so that together you can work towards finding a new outcome for addressing the debts. If debt problems aren’t openly discussed due to a lack of communication or fear it can result in family trauma, separation and in some cases, divorce. This is also true of any problems that might arise in a relationship.
Communication isn’t always easy, so if you feel you cannot talk to your partner or family member about your unaffordable debts, speak with someone else such as a debt advisor, who will be able to advise you on what to do.
Causes of debt problems
It is very common for most households to have debts of some sort. Most of us can’t escape it to some degree. We get into debt to put a roof over our heads, to allow for travel or a vehicle and even unexpected bills can cause us to use credit. But life is not without it’s challenges and it goes without saying that sometimes things can happen that cause the debts to become unaffordable.
A few examples of when debt can become more challenging is when there is:
- Job loss or a sudden change in employment
- A new addition to the family
- A change in living accommodation
- Illness or injury
- A change in family circumstance such as death, separation or divorce
Finding a solution
It can also take some time to resolve the issues that caused the debt to spiral out of control. And in some cases you might not be able to regain control of the outstanding debt repayments. Many people try and struggle on, or even seek additional credit, in order to find a way of reducing the outstanding debt. This usually wont solve the problem and can put more strain on the family and in some cases can lead to a breakdown in the relationship, loss of the family home etc…
If debt becomes unmanageable or unaffordable, taking action to address the problem can be very beneficial. Seeking advice from a professional who can assess your family circumstances, your income, expenses and debts, will help you find out what options are available. There are several debt solutions in the UK, such as an IVA, DRO and Debt Management. When you have information on your options, you and your family can make an informed decision on what steps to take in order to relieve the strain and pressure of the financial burdens and regain control of family life.
At McCambridge Duffy, we speak to hundreds of individuals and families every month who are in distress. They find out their options and decide how they would like to proceed. If they avail of any of the solutions we offer, such as an IVA it helps them quickly negotiate affordable monthly payments towards their debts. If you would like to find out your options, please do not hesitate to get in touch.