How do I tell my loved ones that I’m in debt?
Approaching the subject of debt is hard at the best of times, but when you need to discuss any big money problems with your partner, family or friends, we understand this can be particularly overwhelming.
While we can help you deal with your debts discreetly, having a support network is important.
That’s why, even though it might be a tricky subject to address, it’s still a good idea to let the right people in your life know about your troubles.
Debt can affect your mental and physical health, but having your partner’s or your family’s support can make things feel simpler and take a load off your shoulders.
It’s also important to tell your partner about your debts if you’re thinking about making life-changing decisions together, such as buying a house or getting married, as your finances will be looked at by credit agencies and mortgage lenders.
I’m not sure how to tell my partner…
Firstly, this will be a serious conversation so try not to approach it in a blasé way.
Make sure you have the time to discuss the subject in detail without interruptions. If you have young children, see if you can take them to their grandparents’ or a friend’s house.
You’ll also need to speak to your partner in a calm and controlled manner, so it may be worth rehearsing what you’re going to say beforehand.
Complete honesty is very important in these conversations so state the facts and reveal everything. Hiding things or not telling the whole truth may make the situation worse.
If you feel the need to, you can show them your debts and any potential solutions to the problem – especially if your debts are likely to affect them too.