Debt does many things to many people, some of us are upfront, get over it and move on and others including myself hide the truth behind their debt.
In this post I am going to discuss hiding the truth when it comes to debt. The problem with debt is the impact it can have on your life. In my own case the impact is huge. I owe a lot of money which means my quality of life is not as it should be, I would love to own my own home but can’t and I am constantly thinking about debt. Not good really, but then I do blog about debt so it’s no surprise I think about it a lot.
Why it is better to admit the truth and get on with it
The simple fact is that the quicker you get on with sorting out your debt, the quicker you can get out of it. If you find you are currently lying about where your money is really going, then you are probably carrying the stress of that. I am not saying that you should go tell your partner or loved ones that you are in debt, only you can make that decision.
However hiding the truth from both yourself, in the case of not admitting you have a debt problem, to hiding it from your loved ones is extra stress you don’t need. When I told my partner about my debts it was a big thing and I was dreading it. Not so much because of the debt but because a large amount of it was due to reckless gambling. I think the origin of my debts was what made me hide the truth. Gambling was another thing I was embarrassed about, this coupled with the debt I had accumulated made me think I should keep things to myself.
Looking back I think it would have been better for me to have been upfront and honest about my debts. I probably would have stopped gambling sooner and would have also avoided getting further into debt. What I would say is to think about why you can’t talk to your partner or loved ones about your debt, and try to make it seem less intimidating than it is.
Why it is hard to admit the truth
Debt is simply a taboo subject for many. It is sometimes seen as a dirty word, and nobody likes to admit they are in debt. That being said it is hard to admit when things have got out of hand financially. Sometimes we don’t know we are hiding the truth and are blissfully unaware of the ticking time bomb that is debt, waiting to explode when we least expect it to.
Other times we are formulating clever explanations as to why we are broke that month, or why some bills have not been paid. It is hard to confess all when it comes to debt, I can attest to that. In the very least, if things are quite bad you should get help even if you don’t tell anyone about it. At least then you are starting to sort things out for the better.
The other thing is knowing what to say. How do you explain that you have got into many thousands of pounds worth of debt? How can you tell someone that the future you was hoping to build will have to be put on hold because you are in a financial mess? It is not good but it is fixable, it will just take time to put things right but you can get back on track eventually.
The Darker Side to Debt
Debt can make some of us into pretty good liars, and I include myself in that statement. It’s not a good thing though and worst of all we are only lying to ourselves when we think everything is OK. Keeping up with all the lies and dealing with the debt can take it’s toll on you. That’s why it is better to be upfront and honest about things, even if you feel terrible about coming clean. The other aspect to it is getting help with your debt, which is a whole other obstacle to overcome, especially if you feel embarrassed about asking for help with debt.
What I would say is this, once I confessed all to my partner I felt much better about things, even though things weren’t great in the relationship for a while. At least now we can move on and work towards a debt free future. What happened is now in the past, where it belongs and now only the future counts.
How about you?
Did you hide the truth when it came to your debt? How did you confess? Please let me know in the comments box below.