Your Debt Solutions Experts
BDO Peterborough

550 Lansdowne St W, Unit 8
Peterborough, Ontario
K9J 8J8
(705) 742-7560

Cozy up to Money for a Successful Debt Relief Option

People who struggle with debt may have a negative view of money. After struggling with debt, they might resent money for being hard to get, or difficult to manage. That’s why cozying up to money can be a part of a strategic debt relief option.

If you’re in debt, you’re probably stressed about it at least some of the time. Whether you need debt relief under 5000 dollars or need help with overwhelming personal debt, the effect of the stress and its impact on your health and wellbeing are the same.

A recent survey conducted by Manulife Bank found that 37 per cent of those who carry debt are always worried/anxious/stressed about it. The situation is even worse for people who are carrying a lot of debt–70 per cent of them reported being in a constant state of anxiety.

On top of this, many people feel ashamed of being in debt. Our Debt Confessions poll found that, out of the 30 per cent of Canadians who have a financial secret they aren’t sharing with their partners, 35 per cent of them were hiding credit card debt.

The rollercoaster effect of debt can cause people to have a dysfunctional relationship with money and struggle to get rid of debt.

The solution

To fix their relationship with money, consumers should be more honest, open, and thoughtful with their finances.

When was the last time you spent some one-on-one time with your finances?

Sound crazy?

Here’s the thing: if you’re struggling with money, you’re probably avoiding trying to figure out how to deal with your debt. If your credit card debt keeps creeping up, that might be one of the consequences of avoiding your finances.

So plan some date nights to get to know your money.

The more comfortable you become sitting with your finances, the more likely you are to change your dynamic with debt. In the end, you might find that your relationship with money changes from one of stress and adversity to a real partnership.

When you get started, have all your financial information at your fingertips. This includes statements for your credit cards, student loans, and lines of credit. You’re getting to know everything about your money and your own financial behaviour — good and bad — so you can learn to avoid debt problems in the future.

Date activities to try

On your first date, keep it light and limit the date to a manageable length so you don’t feel overwhelmed and tempted to throw in the towel.

Read through all your financial information and start getting to know your finances again.

You’ll need to schedule regular dates going forward. As you get more comfortable with your money and your debt, the dates could get longer and become more enjoyable as you shift from focusing on debt repayment to focusing on short- and long-term goals.

Ideas for activities include:

 

If you’re like most people, you’re looking for a debt relief option that will finally help you get rid of debt forever. The good news is that we don’t have to look further than our own relationship with money to get started towards a more positive relationship with money, and a divorce from debt.

How are you going to change your relationship with money so you can get rid of debt? Tell us on Twitter. #LeaveDebtBehind #RelationshipWithMoney #DebtSolutions



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