Why You Need to Talk About Debt

One of the most difficult topics to discuss, whether it’s with a partner or with friends or even just out loud to colleagues, is debt. Money is a hard topic in itself, but debt is even harder because people associate debt with shame and guilt. Strangely, there are limits to this because people will brag about the new house that they’ve bought or the new car they’ve got on finance, and it’s not the kind of debt that they’re worried about.If you’re struggling financially, you should be able to discuss it with people who love you and care about you. Avoiding talking about it is akin to burying your head in the sand about the issue, and it can lead to bigger problems down the line when you do this.

Encouraging yourself and others around you to have conversation about finances can highlight the importance of discussing debt openly. The Alex Kleyner article, for example, discusses conversations around debt and you wouldn’t necessarily read that and judge anyone who is dealing with it – so why would anyone judge you? There is a lot of stigma surrounding debt, but when you talk about it, you reduce that stigma and you can also find solutions that improve the financial well-being for yourself and for others.

Discussing debt matters

Debt is something that affects almost everybody, whether it’s a student debt, a mortgage debt, a loan shark or a payday loan. From many places and it affects many individuals and households. Understanding how carrying debt can lead to significant stress and anxiety is important. The reluctance to discuss financial difficulties can make people feel isolated, and that can make you feel as if you’re facing your challenges alone, when really you’re not alone at all.

When we open up and discuss that, we are starting to understand that many others are in similar situations and you realise how much you are not actually alone. It’s a shared experience, and that can help to reduce the feeling of shame that is usually associated with debt. More importantly, when people are openly discussing debt, resources can be shared and strategies and tools can be shared to help to manage debt and mitigate it in the future.

Reducing the stigma

It’s so important that you surround yourself with both people and information that help to reduce the stigma surrounding debt. Listening to podcasts about debt and reading articles about debt can help you to come to terms with your financial struggles. If you stay silent about your issues of money, you’ll end up internalising your stress and that can negatively impact your mental health.

Debt on your shoulders can lead to feelings of failure, and it can lead to you feeling like you’re drowning. If you’re comparing your financial situation to others on the surface without having a detailed conversation, you could end up making yourself feel like you are isolated in your experience, when really you’re not.

Normalizing these discussions about debt is so important, and if you’re currently feeling stressed or anxious about it, it’s important to remember that you’re not by yourself.

Starting those conversations

Starting a conversation about debt can feel daunting. You don’t necessarily want to ask questions about other peoples financial situations, but you don’t have to do that in order to discuss it. Some of the tips that can help you to break the ice include the following:

• Approach it with honesty. Whether you’re talking to a partner or a friend, being truthful about your situation will help you to find a solution and hopefully open up a corridor for other resources that you didn’t know about.
• Focus on solutions when it comes to debt. It’s very easy to blame yourself for financial struggles, but sometimes we’re in situations where we can’t help it. Debt is just the natural conclusion to a bad time in life.If you’re unsure about where to start or you’re feeling overwhelmed, then finding the right resources can help.
• Ask for support. It’s not the easiest thing to do, but reaching out to others and asking them for their support is going to help you to move forward in your debt journey. You may want to get yourself out of debt at some stage and making a plan for repayments will take some time.

Debt doesn’t have to be a scary or taboo conversation. Talking about debt is going to help you to find a way forward that is clear and makes you feel supported rather than alone and fearful.