Wednesday, April 24, 2019

When It Comes To Debt, You Can't Afford To Be An Ostrich

Getting by financially in the (nearly) 2020s is an increasingly tricky and untenable prospect. If we want to get by and have kids it can seem as though the economic deck is ludicrously stacked against us. As of last year it costs almost a quarter of a million US dollars to raise a child to the age of 17. Is it any wonder, then, that so many families wind up incurring debt despite having less than lavish and ostentatious lifestyles?

Debt isn’t, in and of itself, a bad thing. Heck, you need to incur some debt of some sort to build a credit score. Nonetheless, debt can quickly overwhelm us. We don’t like thinking about it, we don’t like engaging with it and so what do we do? We bury our heads in the sand like ostriches! But when it comes to debt, the last thing you can afford to be is an ostrich. Here are just a few reasons why…

Ignoring your debts actually makes you more stressed
We often ignore our debts because we want to insulate ourselves from the psychological trauma of dealing with them. As long as we ignore our debts we can almost pretend that they’re not real. But when we do this, it actually makes us feel more stress and anxiety. Our debt becomes the monster in the closet that gets bigger and scarier when we can’t see it.

Once you take the bull by the horns you’ll be astonished by how much better you feel.

Even bankruptcy isn’t the end
No matter how much debt you’re in, no matter how bad things have gotten, there’s always something you can do to mitigate its effects on your life. Even if you need to be declared bankrupt, a bankruptcy attorney can help you work towards a resolution from which you can move on happier, stronger and better informed.

Facing your debts can help you take control of your finances
Only when you engage with your debts and the financial habits that led to them can you lay the foundations for a happier and financially healthier life. The great thing about staring down your debts is that it also gets you thinking more about household budgeting, savings and the good habits you can develop to turn the ship around and chart a course for financial freedom and independence.

There’s a lot of help out there!
Facing up to your debts can be daunting as Hell. The great news, however, is that you are never, ever alone. There’s a wealth of helpful, impartial and best of all free advice out there on how you can manage your debts and reach amicable agreements with your creditors. There are also a wealth of consolidation loans which can make your debts much easier to manage while ensuring that you pay your debts off faster by wasting less money on interest.

No matter how bad your debt is, you can improve your household’s financial health if you take your head out of the sand and tackle the problem head on!