Are you a yo-yo debtor?
There is nothing worse than learning you are low on money.
It’s one of the worst feelings. You were so sure you were on top of all your payments and then that unexpected bill came in and here you are, struggling with cashflow.
The very idea of debt is frightening, let alone having to work through it yourself. It’s distressing, we understand. No matter what time and whatever you are doing, it sits there in the back of your mind, always there. For many of us, it’s a vicious circle. You get out of debt, start earning money and paying off your bills, only to find yourself back in the same situation a few months later. Sound familiar? That’s because you are a yo-yo debtor.
If you’ve found yourself going back and forth with debt, please read on:
Acknowledge your problem
Firstly, you must acknowledge the issue. Your spending habits are possibly a little erratic must be addressed. Once, you’ve come out of debt, don’t act as if everything is perfect again because if you are not careful, it’ll only be a matter of time you’ll be back to square one. You must acknowledge the pattern you have created and find a way of breaking free.
Share your experiences
There’s nothing worse than feeling as if you’re the only one going through this issue. And let’s put the record straight right now, you’re not. So, it’s ideal to discuss your issues with a professional. Keeping things bottled up will only cause more stress and strain on your shoulders. Yes, we understand, talking about your issues can be awkward and can even make some individuals feel embarrassed. But bottling it up is not good for your mental health, and if you let the cycle continue as it is then it will only get worse. Talk to us, here at Sensible Debt Advice we are here to support and help you find a solution.
After admitting and discussing your situation, it’s time to do something about it. Your spending patterns are your primary concern. You must remove temptation. If you cannot resist using your credit card on the newest items, then one solution is to cancel your cards and use a debit account so that you can’t spend what you don’t have. There are several ways you can reduce temptation, it will be difficult, but it will make things so much easier for yourself.
Take control and make a plan
If you’ve found yourself yo-yoing around with debt, you might feel as if you’re out of control. So, think about money strategically. Write a plan, a list or even a spreadsheet to manage your finances. This will help highlight how you have gotten into debt previously and will flag up when you might be getting into debt again.
If you’re struggling with yo-yo debt and need to break-free then we can help. Sensible Debt Advice provides debt advice and debt solutions in Bridgend and across the south Wales area. If you’d like to talk to someone about your issue, we offer a free, no obligation and confidential consultation. Call us on 01656 66142 or click here.