Managing personal debt can be challenging to cope with at the best of times, particularly if you have a family who rely on you financially and/or for financial support. It can be tempting to put your personal debt thoughts aside and concentrate on other priorities in testing situations. However, ignoring personal debt serious financial consequences including legal action such as issuing a County Court Judgment (CCJ).
Thankfully, you are not alone, and there are options available to help you manage with your financial situation while continuing to support your family.
Get help with family debt
It can be hard to see the wood for the trees when you feel overwhelmed by debt and are concerned about how you can make your next payment, but there is help available. There are several national charities available to help people with support, advice, and resources to help people deal with and solve their debt issues. These organisations offer a range of free services to help people in debt, including:
- online forums;
- helplines staffed by trained advisers; and
- access to debt advisers.
Seeking professional advice early can help you avoid escalating financial problems and regain control of your finances. There is also a list of charities and organisations that can help you here.
Protecting your mental health during financial stress
It is well recognised that any constant worry can have an impact on a person’s mental health; this is especially the case when the concerns are around money, debt and your family. If you find that your current issues start to affect your mental wellbeing or your family, you must seek support to help you deal with your problems. The charity Mind offers guidance and coping strategies tailored to individuals dealing with financial stress. Their resources can help you manage anxiety, improve resilience, and feel more in control.
Lean on your personal support network
Debt is often a result of a change in circumstances, such as losing your job, a bereavement or an illness in the family. The support of your personal network will be invaluable in helping you deal with all the emotions and practicalities that come as a result of any of these scenarios.
In challenging times, particularly if you are struggling with your mental health, it can all become too much. You feel like hiding away and distancing yourself from your personal support network, including your friends and family. However, in tough times, it is important to keep communicating with those closest to you because they will want to help you and because you don’t want to lose or damage your relationships because of your debt.
If your debt is a joint debt, it is even more critical that you keep the lines of communication open. The other person involved is equally responsible for the debt, so you need to work together to repay what you owe. Again, communication is the key to supporting each other and resolving your debt.