Managing personal debt when you have a family

Trying to manage personal debt can be challenging to cope with at the best of times, particularly if you have a family who rely on you for financial support. It can be tempting to put your personal debt thoughts aside and concentrate on other issues in testing situations. However, we would warn against this because it could lead to further financial and, in worse-case scenarios, legal implications, including issuing a CCJ. 

Thankfully, you are not alone, and there are options available to help you deal with your financial situation while supporting your family. 

Seek support

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 and access to debt advisers. There is a list of charities and organisations that can help you here.

Mental health

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 advice, support, and guidance for anyone dealing with mental health issues; they can help you find coping mechanisms that work for you as an individual to help you feel more able to cope with your personal challenges.  


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 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.