It’s Good to Talk: a Financial Problem Shared

fin-probFinancial difficulties are the kind that affect families of all sizes yet so many of us keep our issues to ourselves. They say a problem shared is a problem halved but millions of us are afraid of telling our loved ones when we are in financial trouble and it’s the secrecy and everything that entails which can drive the family apart.

The majority of people have (or once had) their own personal bank accounts which they use for their own salaries and bill payments like phone contracts, rent, fuel, credit cards and so on; but once you get married you tend to switch to a joint account. At this point it’s easy for someone else to spot when you’re struggling financially but if you still hold a personal account, keeping your issues bottled up inside will only make matters worse.

In many cases the problems are emphasised when your actions change or you start to show a different side to your personality. Friends might notice that you’re not going out for drinks on a Friday night anymore, perhaps you’re leaving your amateur football match after the game without having something to eat with the team like you normally would or maybe you’ve completely stopped going shopping for new clothes despite your existing items being filled with holes.

It’s never good to keep the issues to yourself – as mentioned, they can completely destroy families with partners regularly arguing about the financial difficulties they have found themselves in and placing the blame on each other or one individual. There are ways around the difficulties but the majority of them start with some form of communication.

Consulting those closest to you is the obvious starting point, they’re the ones that share your highs and lows and they will be able to support you however they can – if you just talk to them. Explaining how things have got to this point will help because you’re being honest and you can then work towards a resolution, looking at where savings can be made to ensure that you can afford your bill payments each month or to feed the family.

You can then negotiate an agreement with a lender like who will work with you and your chosen, trusted guarantor to give you a much-needed loan to help you to cover bills and payments. These guarantor loans work by having a second party – usually a close friend or family member – in the background and ready to pick up the bill payments if you’re unable to keep up with them for whatever reason.

Alternatively you can talk to your bank in an attempt to negotiate terms on any credit cards, loans or mortgage payments you may have in place which are causing you difficulties. They might be understanding enough to renegotiate the deal so you pay less each month, although this will be over a longer period of time and may involve you paying back more than you borrow.