Who Should You Tell About Your Debt Review?
To Tell Or Not To Tell?
Debt is a sensitive subject. Most of us don’t really want to talk about our debt because we fear being judged by others.
Which is kind of funny because these days everyone has so much debt. Still, we are shy to talk about it.
Fortunately for many people, they have been able to get over this fear and finally talk to a professional Debt Counsellor and get advice, perhaps even entering debt review.
If you have decided to enter debt review, keeping it a secret might seem like the best way to avoid awkward questions. But opening up to the right people can make a world of difference.
It’s not about telling everyone—it’s about sharing this important part of your financial journey with those who can support you and help you succeed.
Let’s consider who you might want to tell about your debt review.
Your Partner or Spouse
If you’re married or in a committed relationship, your partner should be the first to know.
Debt impacts both of you, especially if you’re married in community of property, where you legally share all your debts.
Hiding debt can lead to mistrust, and constant fights about money which can cause strain on your relationship. On the other hand, being honest about your situation and creating a plan as a team will not only make the process smoother but also bring you closer together.
Working together against the debt strengthens your relationship and prevents misunderstandings.
Your Kids
Children don’t need to know every detail of your finances, but they should understand the basics of what’s going on in the home.
Explaining why they can’t have that new toy or expensive holiday right now teaches them important lessons about money and patience. It also helps them feel included in the family’s journey.
Kids are often more understanding than we expect, and when they know why certain changes are happening, they’re more likely to cooperate and support your new budget-friendly lifestyle.
‘A lot will depend on their age, of course’
A lot will depend on their age, of course, and over time you may explain the situation in more detail depending on what they can handle.
Your Family
Telling close family members about your debt review can help you get the support you need.
Your family might not be able to help financially (and if you are in debt review you don’t now need them to), but emotional encouragement is just as important.
Family gatherings and gift giving season will become less stressful when they understand why you’re not spending as much as before. Being upfront with those closest to you can prevent misunderstandings and show them that you’re taking control of your financial situation.
Your family love you and want the best for you. Keep them in the loop if you can.
Your Friends
True friends want what’s best for you. They do not want you to be stuck in debt for year and years.
They will, no doubt, be happy to hear you have a plan to deal with your debt stress and may even notice how happy you look all of a sudden.
Letting your closest friends know about your debt review can stop them from unintentionally pressuring you to overspend. Whether it’s skipping an expensive night out or saying no to a trip, your friends will be more understanding if they know why you make the decisions you do.
There is another way that your friends can help you make a success of your debt review. Sharing your journey with those closest to you also creates a level of accountability—you’re less likely to break your budget when the people around you are cheering you on.
Your friends can be a big resource in helping you stick to your financial goals and your debt review.
Who Not to Tell
While it’s helpful to share information about your debt review with close loved ones, not everyone needs to know all your personal business.
Your boss and colleagues, for example, don’t need details about your financial situation. Keeping work and personal matters separate often helps maintain professionalism. Sharing too much at work can even lead to unnecessary gossip or misunderstandings.
Note: If you apply for certain types of positions dealing with finances there may be special requirements for you to give permission for companies to look at your credit bureau report which mentions your debt review. Most positions however do not require such access to sensitive financial information.
Focus on opening up to people who will genuinely support you, not those who might judge or misuse the information.
One Day You Will Want To Tell Everyone
Debt review is a big step, and sharing your journey with the right people can keep you motivated and on track.
By involving those who matter most, you’ll create a support system that helps you stay committed to the process. You can avoid misunderstandings and get support from those closest to you. Get your family and friends on your team rather than leave them in the dark.
One day when you’ve finally paid off all your debts, you will be so happy that you will probably want to tell everyone about your successful debt review because debt free is something to be really proud of.
For now, tell the right people about your debt review.
These amazing images courtesy of: www.freepik.com/author/wayhomestudio | www.freepik.com/author/master1305