Are you keeping your debt a secret? Are you keeping it from your spouse, your children….maybe even from yourself. Of course everyone wants to hear if you’re doing well in life. We readily “brag” on a booming business, a new promotion, the birth of a child. What we don’t disclose to one another is our debt (even though nearly everyone’s got it), and this can ruin relationships.
We see it everyday. A couple comes to us as their financial “last straw”. They’ve done all they can do and need to seek the financial relief that only a bankruptcy can provide. Once we start diving into the credit reports and billing statements it can be a shock to yourself and your spouse just exactly how big the problem is. Sometimes this flash of reality helps ease the decision to file bankruptcy. It’s always a good idea to have a reality check with yourself when it comes to finances. You can do this by pulling a credit report (FREE) from www.annualcreditreport.com and reviewing just exactly what’s being reported. Adding up your total liabilities can be an eye opening experience.
Another suggestion for keeping debt “real” in your family is to share the discussion of money with your spouse and kids. A $50 gift at Christmas used to be a HUGE deal. Nowadays, kids are asking for $200-$300 gaming systems as if money is no object. Don’t hide the expenses of life at any age. It’s ok to say NO and it’s ok to tell your loved one that it’s too expensive or not in your budget. Teach your kids how to save! Get real with yourself and your family about money.