A debt crisis is one of those life events that ranks right up there with losing your job or family bereavement for stress creation. I know that when my finances finally went completely out of control it had a terrible affect on my state of mind and my health. If you find yourself in the same situation what can you do to deal with the range of emotions that you may be feeling?

Helplessness

I remember feeling that there was nothing that I could do. I had lost my great salary in the IT industry and I couldn’t see how I was going to get it back. My debt repayments were far in excess of what I could afford even though I had cut out all the spending that I could.

If you are feeling like this you need to start to try and take control. Make a budget and see how close you can get to being able to pay your debts. Get some advice on the debt solutions that are available to you.

Shame/Remorse

It’s OK to feel regretful about the decisions that have led you to a debt crisis but do not overdo it. Blaming yourself too much might lead to depression and inaction. This is the last thing that you need. Try and remember that although you may have made some financial mistakes that does not make you a completely bad person. You still have good points!

Stress

If you have started missing debt repayments you will (or you very soon will) be receiving calls from debt collection agents. Their tone is aggressive and their mission is simply to get you to pay them as much money as they can. They have no concern about whether you can afford to feed your children.  If you have serious debt problems then they are not going to be solved by speaking to debt collection agents. My advice would be to ignore their calls while you select your debt solution. Try and create some space for yourself to make this important decision without interruptions.

Isolation

Debt is a very isolating thing. You may feel that you do not want to discuss your problems with anyone. As usual, keeping things to yourself doesn’t help. Find someone that you can share your problems with in confidence. Either a family member or a friend, a priest or a counselor. Try looking up any debt help groups in you area. It really will help you to deal with your debt problem

Conclusion

If you’re in a debt crisis then you will probably have a whole range of negative emotions. If it is too much to sort them all out at once then take one thing and change it for the better. When you have done that then move onto the next thing. If you are feeling stressed and alone then try posting a message here – you will get a sympathetic response.

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