Thursday, 15 May 2014

Avoiding Depression Due to Debt

Escaping the Debt Crunch

photo credit: SalFalko via photopin cc 

One of the most soul destroying problems you can face is crushing debt. If you've ever been in this situation you don't know how you're getting through to the next day. It doesn't matter whether you're making six figures or ten dollars an hour. Most of us have been through some trying debt issues in our lives.

I've never faced bankruptcy, but I've been close. I've felt the despair of wondering how on earth I'm going to get passed this. From the nervous twitch, to the constant anxiety, I've lived through it.  When you're in the middle of it, you can't even imagine being in any other place. So what can you do?

At my worst moment I was trying desperately to hold onto my house. My friends wondered why I'd become so antisocial, but it wasn't a choice. Who wants to go out for a night on the town with your friends and explain to them that you can only go out for an hour, because you can't afford the dinner just the drink afterwords?

It was easier to stay home, and make my apologies for being unavailable. it seemed like a solution, but it wasn't. I was miserable. So what to do? I decided to get my debt under control and take back my life. With my closest friends I tried a little honesty. I told them I'd love to get together, but we had to do something affordable. For the time being I couldn't afford the dinner out, but how about a hike? Fresh air is free!

What I found was my friends just missed their buddy. They were willing to accommodate. We found things we could do that were well within my budget, and, to my surprise, they were feeling a bit of a budget crunch themselves.

Slowly through some tough decisions, and a little help from friends and family, I've moved passed some difficult times. I gave up some indulgences, and I made do. If in the end you have to consider bankruptcy or debt consolidation, don't rule it out. 

When the debt collectors are calling every night, it's time for a change. When you declare Bankruptcy or start a Consumer Proposal the phone calls will most definitely stop. Having to deal with one point of contact will alleviate a heck of a lot of stress!

There is only so much anyone can take. Your true friends and your family will understand the tough decisions you've had to make. Bad things happen to good people. You may feel a stigma attached to such a decision, but you shouldn't. Circumstances will often be beyond your control. If people want to judge you for it you don't need them in your life. 

As bad as it seems now you will get through it. You may have to start over and there's no doubt that can be a daunting task, but don't give up. This moment in time is just that, one single moment in time. 

Have you gone through some difficult times? How did you get passed it? Are you going through something similar right now? Leave a comment, I'm always open to ideas on how to deal with this difficult topic.