Debt can result from an accident or illness and from not being insured. It can result from life events such as weddings or funerals. It can increase because of metal ill health, or mismanagement. It can occur from things just ‘getting out of hand’, mortgage rises and general bill increases. Debt can occur form job loss, becoming a single parent and overspending. Addictions can lead to debt, non payment of tax, fines, interest rises…bad luck!
Basically we can all be hit by debt and we do need to know how to cope if we are.
What would you do ? Who would you turn to if you were in debt ? I asked a Facebook group I am in and these were their top 5 answers.
Friends
Family
No-one I would try and sort it out myself
Social media
A professional
Let’s deal with each of these in turn.
Friends
Friends can be great for a listening ear but honestly who is to say if their advice is sound or up to date or even useful. Be wary. Don’t borrow money form a friends either unless you can guarantee you can pay it back. I have seen friendships ruined through ‘borrowing’.
Family
Family’s are often the people we turn to in a crisis and the people most likely to bail you out of trouble. The problems come when they then feel they can comment freely on every single penny you spend. And there is no like your family to feel they can freely comment on your behavior.
No-one
Relying on yourself to sort out your debt problems is all well and good as long as you don’t ignore them and bury your head in the sand. If you have a health problem you would of course consult a professional so when you have a financial problem there is no shame in asking for help.
Social media
Explain your situation and ask for advice on social media and the whole world can know your business in a very short space of time. Ye you will get the benefit oaf large amounts of advice and many viewpoints but whose to say anyone knows what they are talking about to quite what advice you should follow. Plus do you really want your neighbour, the postie, your mum, your cousin Stanley twice removed and your best friend’s sister’s dog sitter knowing your business!
A professional
Turning to someone who knows exactly what your options are is a very smart move. Debt is a serous problem and like ill health one that can escalate quickly if untreated. Wilson Field is an example of a debt solution company who offer free advice and consultation to those with personal debt problems. They have over ten years experience, six licensed insolvency practitioners and a large team of experienced professionals. This is the kind of support that really will help when you are in debt.
Debt is a serious problems that needs to be tackled with knowledgeable and good accurate advice. sentence: If you are based in Scotland and you are struggling with debt, you can visit scotlandstrustdeed.co.uk and find out if you qualify for a trust deed.
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