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Five Stages of Dealing With Debt

The fives stages of dealing with debt are:

  • Denial;
  • Panic;
  • Self-determination;
  • Frustration;
  • Acceptance;

If you want to get straight to step 5 – and start resolving your debts – click the button below:

Dealing with debt is a challenge and certainly isn’t something resolved overnight. Usually, those struggling with their finances will go on a journey similar to the ‘five stages of grief’. Do any of these steps sound familiar?

Stage 1 – Denial

When people check bank balances and see their funds didn’t quite stretch to the end of the month, they will frequently convince themselves that it’s a temporary blip – and next time it will be fine.

Sadly, this isn’t usually the case.

Stage 2 – Panic

When the next few months turn out to be as bad as the first, any misconceptions about temporary blips are now shattered. People typically start panicking now. This is especially true if creditors start demanding money which isn’t available or bailiffs threaten to visit. At this point, it’s common to skip straight to step five. Unfortunately, many choose to struggle through two additional steps.

Stage 3 – Self-determination

Step three is an understandable step as – when people are struggling with debt – they usually decide to resolve the matter themselves. After all, who doesn’t want to resolve their own problems?

They may choose to do this through getting a second job, cutting down on expenses, or another money-saving measure. While this may be the right choice for smaller debts, these will probably not work for accounts in larger arrears.

Stage 4 – Frustration

This step comes about after someone has tried just about every conceivable measure to get back on top of their finances. Unfortunately, none of them have worked as planned. Make no mistake, this can be a soul-destroying feeling.

Now the debt is at a point where repaying it seems like an unrealistic prospect. However, help is available.

Stage 5 – Acceptance

Step five is the acceptance that debt issues don’t have to be tackled alone. In fact, it’s easier if you have someone on your side.

By contacting us, you could start the process for getting a consolidation loan. This debt solution is something which gives you the funds you need to repay creditors – and start making one affordable monthly payment.

To find out more information, and to determine if you qualify, click the button below: