What to do when debt is crushing you?

Written By Caitriona Ellis

In this video, Caitriona chats through how crushing debt can be. She shares her own personal experience of it and how she overcame it with some simple steps. Discover how you can work through your debt with some simple steps.

A scary proportion of the population are in heavy debt right now. Companies are pushing hard to give you the latest credit card, loans, overdraft etc with no regard for the impact this may have on your wellbeing, mentally, financially and emotionally. The stress that debt can bring is colossal. But you have a choice whether you put your head in the sand with it or whether you take off your blinkers and dive in and deal with it, piece by piece. So what is it going to be? Watch this video and discover the simple steps you can take to get yourself out of debt and on the path to financial wellness again. You can absolutely achieve this regardless of your current circumstances.

https://youtu.be/o8gSKhWXfLs

Debt can be a very scary thing for many people. To me debt is more often than not a symptom of something underlying, most especially if it is a pattern that you repeat time and time again.

Shortly after finishing university I found myself jobless and anchorless and I relocated to a economically challenged area in the North East of England to live with a friend. Whilst there I unsuccessfully applied for many graduate training programs. Eventually I took a job in Barlcay’s call centre and I had a nominal amount of money coming in which was progress.

I struggled with the level of depravity around me. I struggled with my own sense of less than feeling. Here I was a university graduate with a Bachelor of Commerce degree and I’m working for pittance in a very socially deprived area.

So to fill that hole in myself I got myself a credit card and I went bananas buying the most beautiful clothes, shoes and things to fill that hole. I maxed out my credit card and then struggled to pay it off on the income I had. I found myself taking out a loan to pay off the credit card which needed my parents to guarantee it. Cue lots of feelings of guilt and shame. Eventually I did pay it of and this served as a very valuable lesson to not repeat. I am a big advocate of doing my own work on my weaknesses, challenges etc and so by addressing this core underlying issue over time, I was able to ensure that this never happened again.

Take some time to reflect on what might be the underlying causes for you as to why you repeatedly get into debt. What is this debt covering over for you? Is it about self worth? Is it not feeling enough? Is it wanting to be able to stand tall with the Jones’s? Is it wanting to feel successful? Trust your gut on what comes in answer to these questions. Perhaps take some time to journal on what has emerged.

Getting under the hood of this crushing debt is key to changing this pattern for you. You can do this.

To Your Financial Wellness,

Caitriona

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