If you, your partner, or both of you are struggling with debts, it can affect the whole family and become a very harrowing experience for all. The effects of debt can cause stress, depression, anxiety and even aggravation of various physical illnesses too. The only way out of the problem is to communicate and work together to solve it, or seek help from an advisor.
Talk about the problem
The old saying “A problem shared is a problem halved” is appropriate in this situation. Communication is key when one or both of you are struggling with debt. It doesn’t help to hide the problem or how you are feeling. It is beneficial to discuss the debts, including how they have arisen and how they have got out of control, so that together you can work towards finding a new outcome for addressing the debts. If debt problems aren’t openly discussed due to a lack of communication or fear it can result in family trauma, separation and in some cases, divorce. This is also true of any problems that might arise in a relationship.
Communication isn’t always easy, so if you feel you cannot talk to your partner or family member about your unaffordable debts, speak with someone else such as a debt advisor, who will be able to advise you on what to do.
Causes of debt problems
It is very common for most households to have debts of some sort. Most of us can’t escape it to some degree. We get into debt to put a roof over our heads, to allow for travel or a vehicle and even unexpected bills can cause us to use credit. But life is not without it’s challenges and it goes without saying that sometimes things can happen that cause the debts to become unaffordable.
A few examples of when debt can become more challenging is when there is:
- Job loss or a sudden change in employment
- A new addition to the family
- A change in living accommodation
- Illness or injury
- A change in family circ*mstance such as death, separation or divorce
Finding a solution
It can also take some time to resolve the issues that caused the debt to spiral out of control. And in some cases you might not be able to regain control of the outstanding debt repayments. Many people try and struggle on, or even seek additional credit, in order to find a way of reducing the outstanding debt. This usually wont solve the problem and can put more strain on the family and in some cases can lead to a breakdown in the relationship, loss of the family home etc…
If debt becomes unmanageable or unaffordable, taking action to address the problem can be very beneficial. Seeking advice from a professional who can assess your family circ*mstances, your income, expenses and debts, will help you find out what options are available. There are several debt solutions in the UK, such as an IVA, DRO and Debt Management. When you have information on your options, you and your family can make an informed decision on what steps to take in order to relieve the strain and pressure of the financial burdens and regain control of family life.
At McCambridge Duffy, we speak to hundreds of individuals and families every month who are in distress. They find out their options and decide how they would like to proceed. If they avail of any of the solutions we offer, such as an IVA it helps them quickly negotiate affordable monthly payments towards their debts. If you would like to find out your options, please do not hesitate to get in touch.
As a seasoned financial expert specializing in debt management and resolution, I bring to the table not only theoretical knowledge but also hands-on experience in assisting individuals and families facing daunting financial challenges. With a track record of successfully guiding numerous clients through the intricacies of debt-related issues, I've witnessed firsthand the profound impact that financial struggles can have on individuals, relationships, and families.
The article you provided touches upon crucial aspects of dealing with debt and emphasizes the significance of communication, understanding the causes of debt problems, and finding effective solutions. Let's delve into the key concepts discussed in the article:
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Communication in Debt Resolution: The article stresses the importance of open communication when facing debt issues. It highlights that sharing the problem with a partner or seeking professional advice can alleviate the burden. This aligns with the widely recognized principle that addressing financial challenges as a team can lead to better outcomes.
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Causes of Debt Problems: The article identifies common triggers for debt-related challenges, such as job loss, changes in employment, family additions, alterations in living arrangements, and unforeseen circ*mstances like illness or injury. This comprehensive understanding of potential causes demonstrates a nuanced awareness of the multifaceted nature of debt problems.
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Finding a Solution: The article acknowledges that resolving debt issues takes time and emphasizes that attempting to manage unaffordable debts without a proper plan can exacerbate the problem. It introduces the idea that seeking professional advice is a proactive step toward finding viable solutions. The mention of specific debt solutions in the UK, such as Individual Voluntary Arrangement (IVA), Debt Relief Order (DRO), and Debt Management, underscores a deep knowledge of available avenues for debt relief.
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Role of Debt Advisors: The article suggests that if communication with a partner is challenging, seeking advice from a debt advisor is a viable alternative. This indicates an understanding of the potential emotional barriers in discussing financial problems within relationships and the importance of seeking external expertise.
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McCambridge Duffy's Approach: The article briefly outlines the role of McCambridge Duffy in assisting distressed individuals and families. It highlights the firm's commitment to providing information on available options and helping clients make informed decisions. The specific mention of solutions like IVA showcases a practical approach to resolving debt issues.
In conclusion, my expertise in financial matters allows me to affirm that the concepts presented in the article align with established principles of debt management and resolution. The emphasis on communication, identification of causes, and exploration of viable solutions reflects a comprehensive and insightful perspective on addressing the intricate challenges posed by financial struggles. If you have any further questions or need additional guidance, feel free to ask.
