Why does debt carry such stigma?
We’ve been living in a worldwide pandemic for the last year now; millions ill, lives lost, businesses closed, livelihoods, jobs and homes gone.
And even now, people still don’t want to open up and talk to their friends and families about their struggles with money and debts.
As a society, we seem to feel ashamed to admit it if we’re struggling with our finances.
There’s been so much news coverage about mental health issues, and opening up about them, in the last few years, but debt seems to get ignored.
Despite the fact that debt can be such a huge contributor to stress, anxiety and poor mental health; so, it’s definitely a subject that we feel should be near the top of the list to encourage people to open up about and get the help they both need and deserve.
Most people with debts (and those who have taken steps to sort their debts out using Trust Deeds and other such workable debt solutions) worry (or were worried, prior to seeking help) that they’ll be judged, or seen differently if people knew that they were struggling with their finances.
This then leaves them feeling further isolated and feeling that they’re failing whilst people around them (on the surface, at least) look like they have everything under control.
How can we change the perception?
We think it’s important to reinforce the belief that debt isn’t a dirty word. It’s not a taboo subject.
It’s something that millions of people struggle with. And the more people who discuss their troubles openly and seek help when they need it, the easier it will be for others to ask for debt help when they need it as well – which would help to reduce the levels off stress people feel about their debts and reduce the negative effects that debts can have on peoples’ mental health when debts are dealt with (or more often ignored) in secret.
We need to make a conscious effort to talk about debt. You’re not alone!
It’s important to remember that debt is just credit that’s become unaffordable – this is often caused by a traumatic life event like a divorce/separation or a redundancy; and let’s face it, the coronavirus pandemic has caused plenty of all of these!
Even before covid, the Money Advice Service estimated that c.8.3 million people in the UK were suffering from problem debt and caught in the debt cycle. Furthermore, data from the Citizens Advice Bureau shows that around 6 million more people have fallen behind with at least one household bill during the pandemic.
If you’re struggling with problem debt, whether it’s a new situation caused by a change in circumstances that the pandemic has been culpable for, or it’s been a worry for some time, you’re not the only one! You’re not the first! And you won’t be the last!
And remember – help is available!
Where can you get help?
It was recently reported, by Equifax, that 1 in 7 adults hide the extent of their debts from their partner and 1 in 10 don’t believe that they’ll ever escape from their debts to become debt free.
This need not be the case.
If the prospect of speaking to anyone you know about your debts is beyond contemplation, it’s important that you know that there are organizations who are there, including Scottish Debt Help who are appropriately regulated, and are able to talk to you about your situation and provide the advice you need to set you back on the road to debt freedom.
If you’re caught in the debt cycle and struggling with money, Scottish Debt Help can help you to work out your options, and if appropriate, provide you with a workable debt solution that will help you to get back on the road to debt free.
If you’re feeling stuck in a financial rut and need help and advice, either fill in our 30 second form, or call us today and we’ll discuss your options with you and help you to see if a debt solution could be the first step on your road back to debt freedom.
Remember, it’s important not to suffer in silence. Let’s talk about debt.
We’re here to help
If you have money worries and need help with debts, just click the button below, fill in the form and we’ll call you to discuss your options. You might be surprised at how much a Scottish Trust Deed, Debt Arrangement Scheme, Minimal Asset Process or Sequestration could help you to get out of debt in Scotland.