Telling somebody that you’re in debt is often the first step to taking control of your finances once more and making a change.
Honesty and openness is important in any healthy relationship, whether you are romantic partners or friends.
Still, telling somebody you are dealing with a debt crisis can be very difficult and feel nigh on impossible.
That doesn’t mean you can’t do it – it just means you need to go about it the right way to reduce your anxiety and ensure you get the right response.
Hiding debt from the people you love can feel like a huge burden.
Nobody wants an elephant in the room each time they talk to a loved one.
Telling them on your own terms will allow you to take a weight off your shoulders and help you to feel more in control of your situation – plus, you’ll likely feel more ready to take action once you’ve said it out loud.
If you’ve been hiding debt from a romantic partner, chances are, they will find out sooner or later.
Make the decision to admit your situation so you can make positive change and work towards a better future.
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Pick Somebody You Trust
If you’ve been keeping your debt crisis from your partner, it goes without saying you should probably tell them.
However, this won’t always be the case.
Pick somebody you trust to confide in – maybe a sibling, parent, or best friend.
Ask them if they will help you to deal with things that feel impossible to you, such as dealing with letters and putting together a budget.
They may also be able to share tips with you that have helped them to build wealth and avid debt, and encourage you when you’re feeling like all hope is lost.
If it’s your partner, there’s a chance they already sensed something is not right.
Stress can show up in many forms, including arguments, lack of communication, and anxiety.
If you have a joint account with your partner, your financial decisions may affect them too – this is why it’s important to open up to them as quickly as possible.
Reassure them you’re going to deal with the problem by getting professional help, and ask them to work with you to make things easier – could they cut back some of their outgoings?
Remember, it’s important you feel safe when discussing something like this with your partner.
If you don’t feel like you can tell anybody in your circle what is going on, there are other people you can speak with.
Visiting your doctor could help with solutions for stress and even recommendations for support groups.
Bankruptcy Canada has also dealt with many people in similar situations to you and can recommend an action plan so you feel in control once again.
Be Honest About Everything
Don’t tell half truths when you’re trying to open up about your debt issues – be honest about absolutely everything that has been going on.
Admit you have a problem to yourself first, and then gather things like bank statements so you can come completely clean.
This will help you to get everything out in the open and should take a weight off your shoulders.
The person you confide in will also be able to get an accurate view of your current situation and help you to come up with a solution.
Review Your Statements Regularly
Don’t ignore your statements when they come through the door.
Make it your mission to review them regularly so you can make changes as needed.
Reviewing your statements regularly will leave you under no illusion as to what your finances look like and what you need to do to improve your situation.
You can’t ignore the issue at hand when you make yourself face your reality.
Cutting up your credit card and spending nothing but cash could be the right thing to do if you don’t trust yourself to keep credit card spending under control.
Pay Off More Than The Minimum
Once you have come clean about your excessive spending and subsequent debts, you will need to come up with a plan to make sure you can pay everything off on time.
The key is to make sure you pay more than the minimum amount so that you don’t end up paying a fortune in interest.
You could be in debt for a lifetime if you only ever pay off the minimum amount – especially if you continue to spend using your credit cards and other loans.
Paying off as much as you can will help you to get out of debt faster and avoid late payment fees, as well as interest.
To do this you will need to come up with a budget so you can allocate a suitable amount of money that you can realistically afford to your debts.
Don’t wing it or do any guess work – knowing your numbers will give you confidence and peace of mind, and you’ll be able to fit other things you need into your budget.
Get In Touch With Bankruptcy Canada Today
If you’re unsure of where to start or don’t feel like you have anybody to talk to, get in touch with Bankruptcy Canada today.
Asking for help will be the best thing you do, and you can immediately get back on the road to financial security – making the difficult part of admitting your debt worth it.
Our expert and fully accredited team will provide non-judgemental advice to help you get back on your feet, providing a solution to suit you and your needs.
We understand how difficult this can be, which is why we offer a unique and personalised approach.
If you have questions or would like to book a consultation don’t hesitate to call Bankruptcy Canada today!