Most people don’t talk about debt openly, but it’s no secret that it’s a serious and widespread problem. You can’t tell by looking at a person whether or not he has massive credit card debit. Even those you know well may have suffocating student loan payments. Most people keep personal finances personal.
Between the private nature of debt and the “stuck” feelings associated with it, debt becomes a prime candidate for denial. “Maybe if I just ignore it, it will go away.”
You might be in debt denial if:
- You don’t know how much you owe.
- You don’t even open the statement.
- You blindly make the minimum payment.
- You don’t have a plan to get out of debt.
- You’re not required to pay right now (i.e. student loan in forbearance), so you don’t.
- You are getting in more debt.
- You justify your debt by comparing yourself with others.
- You tell yourself that you can afford things because you have money in your account, even though you have large debts looming over your head.
- You have no sense of urgency, but all the patience in the world.
Hopefully, the fact that you are reading this means you aren’t completely in debt denial. You may not have a perfect plan or all the motivation you need to reach your goal, but you know you need to do something. That’s a great place to start!
Chances are good that someone close to you may be in debt denial. If you’ve had debt, you know what a heavy burden it is. One reason that I started Wednesday Debt Discussions was to provide a place to divulge and discuss our debts in hopes of increasing our motivation to get our financial lives in order. We can gain so much strength from one another.
Let’s stop denying debt and start discussing and destroying it!
Linked to Thrifty Thursday
It’s your turn
- Have you been in debt denial? What were your signs?
- Do you know someone else who is pretending their debt doesn’t exist?
- What can we do to open the discussion on debt to encourage more people to face their debt and move toward a better financial future?