Ignoring consumer debtWe’ve all head of the Monday Blues, but the debt blues are felt by more and more Canadians, especially now in January. The post-holiday debt hangover is looming over many of us and the bills trickling in are compounding the stress. It’s also the time of the year when health and money experts start nagging us to get both physically and financially fit – for good reason.

To life a healthier lifestyle we need to eat better, exercise and get proper sleep. It sounds simple enough but it can have its respective challenges.
What can bring more stress, especially if you are already in debt, is getting financially fit. If you were to rate your stress level right now, what would it be?

• Level 1 – I’m not stressed at all, I’ve got my finances together
• Level 2 – I’m somewhat stressed. I pay my bills but living pay cheque to pay cheque.
• Level 3 – I’m very stressed. I can’t seem to make ends meet and my debt is piling up.
• Level 4 – I’m totally in over my head. I need help!

If your level of stress is hovering around level 3 or 4, you’re not alone. If you’re reluctant to talk about your debt trouble, you’re not alone. The majority of the people suffering with debt stress don’t talk about it. Their hide their debt like a dirty little secret. No doubt you probably know many people living in debt peril and you would never know about it.

The problem with covering up debt trouble is that your debt will only get worse. The stress can lead to health issues and perhaps even marital problems. Many couples do not communicate properly about their debt. Some partners have no idea how much financial trouble they are in when the signs of financial trouble are not apparent. The Responsible Gambling “stopthechase.ca” campaign awareness program hits the nail on the head with its messaging “It’s not easy to spot a gambling problem”. This can be true for debt trouble. You can see the tangible goods like the beautiful home and fancy car parked in the driveway; you don’t see the lack of savings or massive debt attached to it.

So what if you ignore your debt trouble and are content to live pay cheque to paycheque? Having a retirement savings or emergency fund isn’t critical to you yet so you keep using your credit card and survive by paying only the minimum payments each month. Does that sound about right? Don’t look now but you can hide that dirty little secret of debt for only so long. It will creep up on you sooner or later to splash a bucket of cold reality on you.

For more on what the signs of debt are, read “How do you know you are in Debt?

What comes next is up to you. Ignoring the problem will not make matters better for you so you might as well deal with that financial monkey on your back. A recent copy of your credit report will show you how big that monkey is. If you can manage paying off your debts without assistance, it’s a good idea to deal with the debts that carry the highest interest. Paying those off as quickly as possible will save you thousands in interest payments. Next tackle the smaller ones and take pride in ticking these off your list of bills.

If your debt trouble is too much to manage on your own, there is no harm in talking to professional who can negotiate your debts. Talking about your debts is a difficult task but living with them is harder. It’s hard to see the light at the end of the tunnel when you’re buried in debt, but I can promise you it’s there if you’re willing to make the effort. It’s time to stop hiding debt and start resolving it. We can help you kick those debt blues to the curb with our debt relief program tailored to fit your financial needs. Let’s talk – we promise the conversation won’t be has hard as you think!.

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