It’s easy to accumulate debt. Credit cards, store cars, car loans and overdrafts. Before you know it, your non-mortgage debt can creep up to a scary amount. 

It’s easy to feel silly, overwhelmed or embarrassed about debt. But the simple fact is as humans we aren’t wired to be naturally good with money. Our brain has developed at a much slower pace than the world around us, with its temptations and electronic money. 

But you don’t have to suffer in silence – you aren’t alone, and help is out there.  

The first step is recognizing that things are getting out of hand, and the second step is knowing who can help you. 

Understanding your situation 

Take stock of how much you owe, and how much of this debt you can afford to repay. Essentially, you need to figure out your outgoings compared to your income. Knowing exactly where you stand will aid any conversations you have with the people who are going to help you get things under control. 

Speak to your lenders 

Most people who are struggling to repay their debt think that owning up to their lender is the worst thing to do. However, lenders deal with people in this situation everyday. If you feel as though you’re falling behind, and you’re worried that you might miss a payment or default then it’s a good idea to give your lender pre-warning. There are steps they might be able to take in terms of rearranging the terms of your loan to help make things more affordable. Preventative action is always easier than trying to find a cure. 

Seek professional help 

Whether you’re wrestling with debt or navigating big financial decisions like mortgages or student loans, FinFit’s team of accredited financial counselors are here to help. Our financial coaching services are now available for free to all FinFit members! 

Don’t be nervous about asking for help! These are trained professionals who are here to get you back on track by finding the best solution for you. Click here to learn more.