Learning How To Manage Debt

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It’s hard to know how to manage your finances when your parents didn’t know enough to teach you. They’ve been great parents, nurturing and supportive – they just didn’t have even the most basic money sense. But as an adult you’ve got to know what to keep from your childhood and what to throw away, so you decided to take a good long look at your ever-increasing debt to try and do something about it.

What a mess! University and car loans, some seriously bizarre impulse buys on the charge card – it’s all adding up and getting more and more difficult to meet the monthly payments. One missed payment, then two and the creditors start calling. Enough is enough!

So you take a friend’s advice and call a debt management agency, just to talk. There was no pressure to commit but it felt good to just be able to talk about it all candidly. They didn’t seem judgmental, and they surprisingly didn’t seem to think bankruptcy was the answer for you. They gave you IVA advice, saying that with your particular circumstances an Individual Voluntary Arrangement with your creditors would save your house. What a relief!

You’ve still got a long way to go before knocking it all out, but each month you see a positive change – and the phone calls harassing you for payment are blissfully now a thing of the past. You’re on top of things, financially – quite possibly for the first time in your life. And though your terrific parents didn’t teach you much at all about money they did teach you about generosity. So maybe you can pay it forward and oh so casually offer to teach them.