Nearly everyone has debt. Between credit cards, car loans, student loans and mortgages, living a debt-free lifestyle is not an easy thing to accomplish. Add lifestyle inflation and the temptation to keep up with the Joneses and it just got harder. Why am I bringing this up? Because it’s proof that we should all let go of any shame we might feel for having debt. You are not alone so why not band together and work through this with people you trust? By eliminating the idea that no one has debt or should talk about it, you are taking the first step to accepting and fixing your financial situation.
Once you admit to your loved ones that you have debt, they’ll probably start sharing their own debt stories with you. That means there could be people in your inner circle who have gone through this before and can help you either make a plan to get out of it or simply understand the emotions you’ll feel. Even the strongest planners can have moments of despair — especially if the debt payoff process is a long one. By keeping someone in your corner who understands the emotions you’ll face, you won’t have to face them alone. That means you’re more likely to get over the hump faster and stay on track.