If the debt is manageable, the topic can be covered when talking about budgets. However, if the debt is of concern, it may be useful to discuss it in a more structured and focused manner.
Debt can be another strong emotional topic so some groundwork may be necessary before launching into a conversation.
One way to do this is by discussing other financial matters first. Then you can slowly ease into a debt conversation in a more natural manner.
It was really good talking through our budget, can we take a closer look at our debt, I’m just not sure how much we actually have?
Next time we have a money conversation can we talk about our debt – It feels like we have a lot?
Many couples and individuals will have to take on at least some debt in their lifetime.
Problem debt arises when a pattern of revolving debt emerges – when one debt is being paid off by taking on another debt.
Unfortunately there is no quick solution to this situation.
However with honest communication between partners, a plan can be made to help limit spending more than you can comfortably afford.
Below is a guide to get started.
There are many options when it comes addressing debt – including utilising the support of a financial mentor, website tools and other services.
If you feel like you have unmanageable debt, there are a range of different supports available.
You may also be eligible for Good Shepherd NZ’s DEBTsolve programme.
“At first I thought it was just another loan shark, but then I saw people commenting things like ‘this was really great for me’. I didn’t think something this good was possible.”
– Hannah, DEBTsolve client
Click here to read about Hannah’s experience
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