Should I Let My Debts Get Me Depressed?
I have just had a recent comment from someone saying that they are depressed, I can only assume this to mean that they are depressed about their financial circumstances. Well, as someone that has been through some difficult times with my own finances, I can whole heartedly say, do not despair! Any money worries you have are only ever temporary!
Mine were. I had some very difficult times after my mortgage business failed, I didn’t have an income and I felt completely helpless about the situation…that is until I took control.
That is the key thing to do. Take action, no matter what action it is, just do something positive about your situation as that will get you on a roll, and before you know it you are solving the problems, even if only bit by bit, by taking small steps you will slowly get yourself out of whatever hole you are in.
I don’t neccessarily advocate working bit by bit to pay off all of your debts, as that can seem like a very daunting task. No, the first thing anyone who has serious debts must do is to communicate the situation with their creditors, let them know that you can no longer afford the repayments and that you wish to make reduced payments.
Your creditors will whine and moan about the fact and they will no doubt hassle you to pay more, but at the end of the day they have to give you time to get yourself back on your feet financially speaking. Use this six month period to cut your personal costs, get your finances under control and then only if you can properly afford to go back to paying full repayments do you go back to that.
If after six months you cannot afford to go back to full payments, simply ask for your payment holiday to be extended whilst you seek an alternative to repaying the debts back, either an IVA, full and final settlement or if things are very tricky, you may have to consider bankruptcy – but only as a last resort!
Remember though, although it may be shamefull being severely in debt and you may be worried about what other people think, do not get down about your situation, it can only improve – it can’t get any worse can it?
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