Struggling with debt and not sure how you’re going to pay it? What’s holding you back? Here are the two main reasons why people are afraid to take that first step toward getting out of debt:
- Fear of the unknown. This kind of fear is created by perpetuating thoughts and limiting beliefs, and they may not always be rational. Sometimes they are subconscious thoughts that may have existed for many years – for example, a belief about money that you inherited from your parents. Or maybe it is a mistaken belief that is factually wrong –such as that going bankrupt is the end of the world.
- Fear of the known outcome. For example, if you have a fear of going bankrupt and it’s realistically the best or only solution, but you don’t do anything about it, and meanwhile your creditors file a creditors petition against you anyway, adding further costs. In this case, it’s better to bite the bullet and seek professional debt advice sooner rather than later.
Which category do you fall into?
Ignoring a Debt Problem Will Hurt You More in the Long Run
If it has gotten to the point that you are ignoring your finances (for whatever reason) – you might be able to say afloat for a while if you’re careful about your spending. However, you might also be getting yourself in a worse debt situation thanks to accruing interest if you don’t get a handle on the situation.
How to Overcome Financial Fear
Everybody deals with anxiety about money from time to time – even millionaires! But it’s important to realise how this ongoing stress will impact your health and wellbeing. If worrying about money so much that you can’t bear to look at your bank account or set your budget, seek the assistance of a professional debt service to help you get back on track. Call SRMC Group on 1300 781 850 and one of our friendly experts can point you in the right direction.