3 things that prevents you from dealing with your debts

It would take a combination of emotional maturity, self-discipline and creativity to get through this difficult time.

12:43 15 June 2014

Money, especially when you lack it, is a topic avoided most of the time.  This is not surprising because we may have been conditioned that a person’s standing is generally equated to his net worth.  

 

Following are three major things that may keep you from promptly dealing with your debts:

 

1)Being in a state of denial about your true financial condition

 

You will be able to address a problem only when you acknowledge that there is a problem.  A lot of people choose to set aside anything that needs sorting out, most especially when it involves money matters or payments.  Avoiding a situation because you find it fearsome, unwieldy or confusing will only make matters worse as debts accrue interest as long as they are not fully paid.

 

2)Going through it alone

 

Most people find it embarrassing to discuss their money problems with anybody and try to deal with it alone.   Try to involve a knowledgeable friend or family member who can give you moral support and guidance.  If you cannot bring yourself to ask the help of someone close to you, then try some organizations who can relate to your debt related problems.

 

3)Remorse

 

Now that you have reached the point of being in serious debt, you could spend some moments to ponder what could have brought you to your present state of affairs.  There might be some redeeming factors in it that could give you some encouragement especially if the money was used to finance college education or to save the life of a loved one.

 

However, after that, the next step should be to take a stock of the situation and drawing up a plan how you could reverse your situation. Deal with the most stressful debt first.  When that is out of the way, the others will be easier to contend with.