One of the worst feelings any of us can experience is going through each day with the stress and worry of bad debts on our shoulders. Whether you’ve skipped a car payment, or can’t see yourself clear to paying off your credit card anytime soon, your level of debt may be causing you serious anxiety.
If you find yourself in this situation, or are close to someone who is struggling with a debt problem, don’t despair – there is always a way to beat the cycle of debt.
Debt: The world’s sneakiest problem
If you’re concerned about your level of debt, you’re not alone. The issue of debt looms large over many countries in the world today, especially in Europe and North America where the financial crisis came about partly as a result of uncontrolled lending by some of the world’s biggest banks. Perhaps one of the reasons why the crisis took so many people by surprise is that they didn’t see it coming – after all, debt has a sneaky way of making people feel rich and successful. For this reason, people around the world are rethinking their relationship with debt.
What to do if you can’t repay your debts
Many South Africans are unable to meet their debt payments, thousands of applicants for debt counselling reach professionals each month, begging for a way out of their debt burdens. If you are unable to manage your debts despite your best efforts, don’t delay – approach your financial advisor for an urgent consultation and you’ll be taking the first step toward living a debt-free life.
When you meet with your financial advisor, it’s important to remember that you are not the first or the last person to deal with a debt problem. Don’t be embarrassed to discuss your debts with your advisor, and resist the temptation to hold anything back – even if you are battling under a mountain of debt, your financial advisor needs to know all the facts in order to help you.
Many people find it comforting to have a relative, spouse, or close friend with them during the consultation, and a couple who find themselves unable to pay their debts each month should always consult their financial advisor together.
There is always hope
No matter how much debt you are in, you will gain great peace of mind once you have confronted your debts and have been given a solution by your debt counsellor or financial advisor. The process of repaying your debts may not be easy, but the stress and anxiety of having bad debts will be lifted from your shoulders as you take concrete steps to resolve your situation.