As January rolls around, there’s an overwhelming sense of concern for many due to the debt from the Christmas splurge. This is a critical period where many attempt to balance their books and regain some financial stability, while for others, it tends to feel like an uphill climb.
If you’re having a tough time with your debts, you could be experiencing adverse effects on your mental well-being, leading to a likelihood of burying your troubles under the carpet, hoping it all settles itself somehow. But if you’re struggling, remember it’s okay to reach out for help; no one should have to endure it alone.
A person recently sought help in the same situation, asking: “I am in a considerable amount of debt and I am being hounded by the companies I owe money to, which is severely affecting my mental health. Can you suggest any solutions?”
Advice Direct Scotland offered the following advice:
Firstly, acknowledging that you have a problem and seeking help is a monumental step towards addressing your debt issues. Several indicators can help you realize when your financial situation is becoming problematic – for instance, making only the minimum payment towards your debt, missing payments entirely, using credit to pay for household bills such as rent, council tax, or utilities, facing court action, or a change in wages. Debt can instigate worry and unaddressed financial issues can lead to anxiety, depression, and social withdrawal. In fact, you may have decreased your social activities or have started avoiding them entirely.
It’s important to also understand that debt can occur due to various circumstances – such as redundancy, sickness, divorce, a family death, or even welcoming a new baby. However, facing our financial issues head-on can help us regain control.
Communication with the companies you owe can be beneficial, as there’s a possibility they may offer flexible payment options. However, ignoring letters and other communication from creditors can impose additional charges and interest. But by contacting your credit card companies and financial providers, they may be willing to freeze these additional expenses temporarily. But remember, this is a temporary fix and finding a more permanent solution is essential.
Building an accurate picture of your financial situation is a good initial step. This includes the details of whom you owe, the amounts due, and other useful information. You can then use this information to converse more effectively with your creditors and support organizations.
Advice Direct Scotland powers moneyadvice.scot which provides free, impartial, and practical advice and support on various debt-related issues. They offer specialist advisors who can assess your situation, look at your income and expenses and help you strategize moving forward. They can also assist you when negotiating with your creditors or step in to do it for you if required.
If you feel your mental health is affected due to your debt problem, it is advisable to talk to organisations suggested by moneyadvice.scot based on your personal circumstance. Feel free to reach out to them at 0808 800 9060 (Monday to Friday, 9am–5pm) or visit www.moneyadvice.scot for more information.
There is also advice.scot where you can contact on 0808 800 9060 or visit www.advice.scot. The service is free and available to everyone in Scotland, regardless of their personal circumstance.
