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National Debt Awareness Month

Debt can be scary and stressful. That’s one of the many reasons we don’t really like to talk about it until absolutely necessary.

But like many things in life, it is normally better to talk about problems before they escalate out of control. This is why Debt Counsellors promote talking about debt during February each year.

Everyone Has Debt

Most people have some form of debt these days. There is nothing unusual about that. But we all know that debt balances can start to go up and up when unexpected factors hit.

It may be something like an unplanned expense regarding our vehicle or a medical emergency. These unplanned things can push our debt from being manageable into an ever worsening debt spiral. When this starts to happen, it is not uncommon for couples or families to try and shield one another from stress by not talking about the situation. This can lead to some in the household over spending or even just spending as normal when there is a need to make changes to how money is being used.

Talk About It

Households that are more open about their debt situation are more likely to be able to take action when things start to get out of control.

Having an open discussion about household finances and debt in particular can help get things back on track before more drastic steps like debt review are needed.

For those whose situation has gotten out of control and where pressure is mounting should seriously consider consulting with a professional to find out what options they have. Having a open discussion with a Debt Counsellor, for example, has helped hundreds of thousands of consumers turn their financial situation around.

As with some many situations in life, good communication can be the key to success. So, why not take a good look at your debt situation today. Make a list and see what your debt is costing you each month. This first step will help you plan ahead as a household.