We need to talk about debt
By Mr Bankruptcy
2nd June 2021
People in the UK owed £1,712.9 billion at the end of March 2021; the Citizen Advice Bureau in England and Wales was dealing with 1.673 debt issues every day in the year to April 2021.
For many people struggling with unmanageable debt, being able to talk about it should be an important first step to tackling it. However, while the two issues are closely linked, there’s still a taboo about the subject of debt without the same kind of campaign to break it down that we’ve seen for mental health.
Why debt can be difficult to talk about?
Debt can feel like a very personal and private matter. It often causes feelings of shame, embarrassment and worry about what others will think about not managing your finances better. People are also anxious about the conflict it can cause in a relationship and causing stress for others, and we aren’t comfortable with asking people we’re supporting financially to contribute more. Also, it can also often be the case that you’re simply ignoring signs that you are in debt.
Why you should talk about debt
Even though it’s difficult to talk about, there are many benefits to opening up about financial difficulties:
- The burden feels bigger when dealing with it alone, which can affect your mental health
- Someone you trust can help you to correspond with creditors
- You can find help with your budgeting and repayment plans
- People can share their own experiences about debt
- You may need the moral support to keep you on track
- Your debt may affect the credit file of others if you have joint accounts
How to start talking about debt
There are some simple steps you can take to help build up your confidence and have a successful conversation about debt. Firstly, prepare for the conversation, thinking about what a partner may want to know. Gather your facts and figures in advance so you don’t get flustered by questions and make sure you allow plenty of time to chat, with no distractions. Try not to interrupt each other or get too emotional, taking time to understand what the other person is saying.
If you’re seeing the signs in someone close to you that they are heading into unmanageable debt, it may help them if you start the conversation. Whoever initiates discussion, remember that debts take a huge toll on people’s wellbeing but no matter how hard it may be, it’s never to soon to talk about debt and seek advice.
Non-judgemental advice from James Rosa Associates
James Rosa Associates is a firm of debt advisors and debt adjustors. With a supportive, non-judgemental and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes.
Our services include:
- Insolvency support
- Negotiated settlements
- Personal assisted bankruptcy
- Mediation
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Do you qualify for a free consultation?
If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.