3 Signs It’s Time To Break Up With Your Consumer DebtFeb 21, 2019
Is it time to kiss your consumer debt goodbye once and for all? Just like in a romantic relationship, it’s sometimes best to call it quits and walk away when something isn’t right for you. Your consumer debt is no different.
Knowing the signs that it’s time for you and your debt to go your separate ways is key. If the following applies to you, it may be time to focus on saying sayonara to your debt load in 2019:
Your consumer debt is stressing you out
Debt is a fact of life for most Canadians. It’s often necessary to carry some type of debt, such as a mortgage or car loan, but you shouldn’t feel overwhelmed by your debt.
Take a moment to explore how your debt load is affecting you. Are you constantly worried or anxious about the amount you owe? Countless studies have shown the negative effects that stress can have on our minds and bodies. If your debt has you feeling stressed out all the time, it’s time to focus on removing that debt burden from your life.
You’re neglecting other financial priorities
This may be another sign that it’s finally time for you and your debt to go your separate ways. When debt gets out of hand, it can become your only focus. Unfortunately, that can mean that really important goals like saving for retirement, building a rainy day fund or contributing to your kids’ education are relegated to the financial back burner.
A healthy relationship with your consumer debt includes balancing all of your financial priorities or financial goals. If your debt is taking over, it’s time to set it (and yourself) free.
Your consumer debt is affecting your relationships
Are you experiencing tension in your relationships because of the debts you owe? Debt problems can have an impact on how you interact with your partner, spouse, parents or other family members. If you find that debt is coming between you and the people in your life, it’s definitely time to make a plan to break up with the consumer debt that you owe.
How to handle the break-up
Start by making a plan to help you through the process. Remember, you are not the only one who has decided to move on. You’ll find countless resources online that will help you with debt relief. Seek out a few personal finance blogs that resonate with you. Like Give Me Back My Five Bucks. Spend some time on a financial literacy website like the Financial Consumer Agency of Canada or Practical Money Skills Canada. Or you can choose a one-on-one consultation with a debt relief professional, such as a credit counsellor or a Licensed Insolvency Trustee (LIT). Overall, always remember that it’s totally possible to break up with your consumer debt for good. You’ve totally got this!
Have you recently broken up with your consumer debt? Are you still in the process of saying goodbye to your debt load? Talk to us on Twitter. Don’t forget to include the hashtags #LeaveDebtBehind, #RelationshipWithMoney, #DebtSolutions.