Buying on credit can help fulfil your family’s needs and dreams – schooling, clothes, family holidays etc. These things do not come cheap, but the actual price can be costlier than you think.
Being over-indebted can cause anxiety, loneliness, depression, and anger. You may think that, since you are the one who is struggling to pay your debt, those who are close to you are not affected. Yet, they are.
All those emotions, along with stress, can spill over to your family as a whole. In fact, money has been cited as one of the major causes of divorce and fights among couples.
The outstanding home loans, medical aid bills, repossessed cars, and school fees can put a tremendous strain on relationships. Unfortunately, this can also have a huge impact on children.
Children who grow up in financially-sound families tend to be happier than those whose parents are over-indebted. The arguments that occur between the parents, the final letters of demand left on the table, and the unmet needs all take a toll on children – not just emotionally but academically as well.
READ MORE: The effect debt has on family
Children who come from over-indebted households can feel lonely, depressed, and even angry. A child who is suffering from all these stressors is unlikely to do well at school. Some could even drop out of school to find a job to help make the situation better at home.
You can help your family get out of this dark, desperate situation. However, this can only happen if you acknowledge that you are over-indebted. Speak to your spouse and children, so that you can deal with the problem together. Draw up a budget and reduce unnecessary expenditure. If you are still unable to pay your debt after your budget review, speak to a professional.
At DebtBusters, we can devise a plan to relieve you of the burden of debt. We can negotiate lower instalments and interest rates with your creditors, consolidate repayments and provide you with legal protection that will protect your home and vehicle.
This means no more final letters of demand because all your creditors will communicate with us. You will have extra cash available in your account to meet your children’s needs and money will no longer be something to fight about with your significant other.
Don’t let debt have a negative impact on your family. Speak to our friendly consultants who can help you restore peace of mind in your household. Call us on 086 999 0606 or email us at [email protected].