Why is it difficult to talk about debt?
By Mr Bankruptcy
19th June 2019
An article in the Independent in April stated that the majority of people find it easier to talk about mental health issues than debt. This is particularly concerning when 44% of adults in the UK are hiding debts of more than £4,000. So why is it so difficult to talk about debt and does it really matter if we don’t?
Don’t mention the “D” word
Talking about debts seems to be an incredibly sensitive issue. Why are these conversations so tough?
● People don’t want to worry others with their problem
● People fear being judged and worry about how others will perceive them
● Debt can place considerable strain on relationships and people hide it to avoid the risk of a break up
● Concerns that debt will impact employment or employability
● Debt can be a cause of conflict, which people tend to avoid
Why talk about debt?
Debt feels like a very personal matter, but there are many reasons why it’s worth taking those difficult first steps and talking about your situation:
● Debt causes stress and can lead to serious mental health issues such as anxiety and depression
● Dealing with debt when coping with mental health challenges then becomes an even greater struggle
● Worrying about debt can cause a loss of sleep, exacerbating stress
● Not talking to those close to you may alienate them if they think you don’t trust them
● If you have a joint bank account or bills/credit arrangements are in your partner’s name too, your debt could affect their credit rating
● Talking to others helps you realise you are not alone and those you talk to may be able to offer advice from their own experiences
Actually, let’s talk about debt
Even though a conversation about debt may be difficult, it doesn’t mean they shouldn’t happen and these bits of advice I give to clients may help you too:
● Be prepared. Think about what you want to say and the information you need to share
● Choose a time and place where you won’t be disturbed
● Be prepared to consider the situation from both perspectives. How will this news make others feel? Prepare yourself for negative responses to help manage your defensive reactions
● If you’re raising the conversation with someone in debt, don’t be judgemental. Look at how to address the debt rather than apportion blame
Finally, there’s advice… and then there’s advice. I recommend you contact a professional debt advisor to help you understand fully your situation, so you feel more confident in dealing with it and talking to others.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjusters. With a supportive and non-judgemental approach we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or involved in civil or commercial disputes.
Our services include:
● Insolvency support
● Negotiated settlements
● Personal assisted bankruptcy
● Civil and Commercial 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.
Find out if you qualify for a free consultation
If you want to deal with 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.