Tell your family about the debt

Tell your family about the debt

If you are struggling with financial problems, it is a good idea to look for support among your close ones. Unfortunately, many people still try to hide the debt from their spouses or partners, taking out new credits to repay their liabilities. It is only a temporary solution.

Such financial secrets may easily be revealed. In such a situation it will be difficult to regain the trust of our close ones. If they accidentally learn about the debt, it will be difficult for them to understand why they did not know about the problem from the start. Focusing on mutual grudges is the worst possible solution. It makes it more difficult to motivate yourself to repay the debt and mend family relations. However, it is necessary to make the effort because a debt concerns the entire family.  

It is worth to share your problems with your relatives. Family can give you mental support, which will certainly provide great motivation to solve the problem of indebtedness. We often worry that the repayment of liabilities will significantly lower the standard of the family's living. But it does not have to be the case. All you need to do is to contact the creditor whom you own money and learn about the possible repayment methods. These can be e.g. convenient instalments whose amount is adjusted to the capabilities of your household budget.

Finances are an important topic in every family's life, that is why we should honestly talk about them and involve all family members into keeping and caring for the household budget. This way it will be easier to plan next expenses, keep an eye on savings, and ensure that the debt does not increase.

It is a good idea to speak frankly about your financial problems also with children. Explain to them that such a situation can happen to anyone. A conversation is a perfect opportunity to explain to your children where debts come from and what are the ways to deal with them - e.g. by saving money and contacting the creditor. This way, it will be easier for them to understand e.g. why parents cannot afford to spend as much money as in the past. This will be an excellent lesson how to behave if they find themselves in a similar situation in the future. Of course during the conversation you should ensure that your children feel comfortable and assure that you know how to solve the problem with debt.

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