Debt Depression: Should I be ashamed of my debt?

As a financial coach, I hear from wives afraid to talk to their husbands about a credit card they racked up. Those who can’t pay the minimums feel guilty because they have broken a contract with their creditors. Christians feel like they are cheating God because “I have too much debt to tithe”.

Are these valid feelings? Should you be ashamed of your debt?ashamed of debt

Debt depression

Our culture has made it taboo to speak about personal finances in a meaningful way. If we share our net worth then we are bragging. If we are in debt then it’s assumed we are admitting our failures. Those struggling to pay their bills feel shame and bottle their financial stresses inside.

Stress needs an outlet. Some work it out in the gym. Many find complaining about it a temporary relief, but none of these are long lasting.

The absence of a permanent solution leads to Debt Depression. Debt depression is real and is a leading cause of high blood pressure and an unbelievable amount of stress.

Ain’t nobody got time for that!

Simply asking the question “Should I be ashamed of my debt” means you are not at peace with the amount of money you owe.

Good news: You don't have to feel ashamed about your debt.

You made unwise purchasing decisions. Big whoop – we all have!

The real question to ask is what are you going to do about it?

What if I told you there was a six-letter word that reduces both shame AND debt?

The six-letter word

The simple answer that offers the best solution is to get on a b-u-d-g-e-t.

Read: Experts say we all need a budget

Yes, I know you think getting on a budget is restricting and no fun. You probably would be ashamed to even admit that you’re on a budget and have come over the the dark side with us nerds.

The truth is: Budgeting is freeing in two ways

  • It frees up money to be spent on debt reduction
  • It frees you from stress.

The stress gets redirected and is focused into a new emotional energy. The energy is more efficient, more productive, and attracts you towards living on your moneyplan in order to get rid of the debt.

When you have a plan, even when not executed perfectly, you get control of your money. Simply listing your expenses and debts on a piece of paper dissipates your financial fog and develops into a clear picture of your current finances.

Give yourself a raise

So many people feel like they got a raise after starting a budget. Why? It is because their current income goes farther. Simply putting the amount of grocery money you expect to spend before going to the store will keep you on-budget. You can’t overspend what you don’t have. Try his for other things like eating out, clothing, and entertainment experiences like movies or laser tag.

Never created a successful budget before? Create the absolute, simplest budget that works in 1 hour with this video series

Don’t be ashamed of your debt, do something about it. Take back your finances – and your life!

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4 Comments

  • Travis @debtchronicles

    Reply Reply October 27, 2014

    The problem with talking about debt is that people equate money problems with being a failure. It’s a symptom of the materialistic world we live in….

    • Steve Stewart

      Reply Reply October 27, 2014

      Are we the solution Travis? Are our blogs and podcast episodes the introduction for conversations to start? How do we change a country that is so absorbed in materialistic things so they can focus on what is important?

      I smell a great blogpost from you soon.

  • Prudence Debtfree

    Reply Reply October 27, 2014

    “Simply listing your expenses and debts on a piece of paper dissipates your financial fog …” So simple, but so powerfully true. Who knew? As one who lived in financial fog for decades, I am amazed at how quickly that fog dissipated once I checked in. It did bring immediate peace as well a sense of power – even though the debt was still there.

    • Steve Stewart

      Reply Reply November 1, 2014

      Thanks for the confirmation and testimony. It’s easier to find your way to the destination when you can see where it is – even if it is only shown as a far away destination on a map. It’s also more comforting and empowering to know how strong your enemy is – or realizing the enemy is actually weaker than we thought he was.

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