How To Tell Your Loved Ones You’re In Financial Crisis

One of the hardest topics to discuss with others is financial issues and debt. Approaching the subject is hard enough when dealing with creditors, but when it comes to talking to friends and family, most people avoid it entirely. Having mounding debt and the inability to pay bills is often something we don’t want to face or admit due to fear of judgment. But the truth is, talking about it is the first step to changing it.

Approaching the subject of debt with those that you love can be hard, but if you are in need of emotional and mental support – not financial support – then talking about it could help you feel more at peace. In addition, they might know of agencies or other helpful people like Canyon Legal Group that could help you get your financial stability back. 

It’s important that while you are dealing with financial struggles, you feel as if you can talk about it and you’re not handling it alone. We’re going to take a look at some ways to tell your loved ones you’re in financial crisis, especially if you are being chased by creditors

• Wait for the right time. Rather than blurting it out in the supermarket, find a time when you can discuss the issue in detail, without interruptions. Talk to your family or friends in a calm and controlled way, and, if necessary, rehearse what you plan to say.
• Stick to the facts of the issue and talk about the amount you owe and how many creditors want to be paid. You should be honest about everything you owe, and they may even be able to point you in the right direction for debt management and advice.
• Do some research. When you broach the subject, make sure that you have researched the creditors to which you owe money so you can discuss together how you can pay everyone back. They may have some ideas about how you can earn more income.
• Let them know the conversation is going to be a heavy one and that you need their support. Don’t be afraid to talk to them about it – you’ll find that they will be more than supportive as you need them to be!
• Take a deep breath. It’s not likely that your family will disown you for this type of situation. Yes, they might be disappointed and feel helpless, but they love you. Remember, they are on your side.
• Before you go into these conversations, it’s important to have a plan of action to discuss how you plan to tackle your debts. This way, you can reassure your family you will get through it as soon as you can.

This is not going to be an easy conversation, but don’t avoid it. Sweeping financial problems under the rug is only going to make things worse in the long run. There is help out there if you want to look for it. You are not alone.