How To Show Your Consumer Debt Some LoveFeb 21, 2019
Is it time to show your consumer debt a little love? While the thought of showing your debt affection might seem a little counterintuitive, it could be the key to changing your relationship with your debt and regaining financial balance and control. Here are three great ways to show your debt (and yourself!) some love this month.
Explore your feelings
The first way to show your debt a little love this February is to take some time to explore your feelings and your attitude towards the debt load you carry. When it comes to your debt, do you bury your head in the sand and try not to think about it? Or do you fall on the other end of the spectrum, constantly worrying about the consumer debt you carry?
Once you understand how you deal with debt, it’s time to explore how this makes you feel. Either approach is not super helpful when it comes to proactively dealing with debt. Instead, try to find a happy medium in which you are committed to conscientiously managing your debt and your finances.
Finding this happy medium can be a challenge. According to recent studies, approximately 1/3 of Canadians feel extremely stressed by the amount of consumer debt that they currently carry. Reaching out and seeking support can help, it’s also another way to show your debt some love. It could be as simple as searching for local resources to help you understand how to better manage your finances and your debt. It could also mean seeking advice from a friend or relative who has successfully dealt with debt issues in the past.
Depending on your circumstances, another option is seeking advice from a debt relief professional. Licensed Insolvency Trustees (LIT) and credit counsellors are trained to help individuals show their debt a little love by finding debt relief strategies that work. Bottom line: when it comes to dealing with your debt load, always remember that you are not alone.
Make a plan
As Benjamin Franklin famously mused ‘if you fail to plan, you are planning to fail!’.
Don’t worry – creating a debt relief plan doesn’t have to be super difficult. Simply creating a personal budget to help track and plan your expenses is one way to ensure you stay financially on track and avoid adding more to your debt load.
Choosing tools and processes to help you stay focused on finding debt relief can also be part of the overall plan. Perhaps you decide that every Monday you will set aside time to review your finances, your budget, the amount of debt you owe and your financial goals. You may also include any relevant tools in your plan, such as a budgeting app like Mint or Wally.
If you did choose to seek professional debt relief advice, any strategies that were suggested can also be included within your overall plan. Debt consolidation, for example, is a great way to reduce your debt more quickly.
Although dealing with debt can be a bummer, showing your debt some love means staying positive and focused. Constantly remind yourself that you are taking the necessary steps to diminish your debt, find financial balance and work towards your financial goals and dreams!
How will you show your consumer debt a little love this month? Share your thoughts and ideas with BDO Sydney using the hashtags #LeaveDebtBehind, #RelationshipWithMoney, #DebtSolutions.