Coping with debt issues is never easy. It is a problem that can wear you down if you don’t find a way to resolve your financial challenges. The Kübler-Ross model was originally applied to dealing with death and illness, but this is actually an excellent exercise to look at it through the lens of a person struggling with debt.
The point is to understand that this is part of the human condition, and that if you are suffering through a tough time financially and emotionally, you’re not alone in your struggles!
The 5 Stages of Coping with Debt
- Denial “This is not happening!” People often feel that they don’t have enough of a problem with their finances to pursue bankruptcy. Even if they do know they need help they may still believe that in time they’ll be able to simply save and overcome their challenges with sheer determination. This is a dangerous stage to be on, because when the root problems are not addressed, the resulting challenges may get much worse!
- Anger “This isn’t fair!” This is the stage where the frustration over lost financial stability comes to a boil. You’ve spent your life working, but somehow only have debt to show for it. It is easy to find someone to blame and lash out at them, but the best thing to do is set blame and anger aside and focus on solutions.
- Bargaining “If I work really hard, I can recover.” Unfortunately, bargaining can bring less than optimal results. Often, the situation is more out of hand than a stringent savings plan can remedy. Furthermore, bargaining with yourself or your creditors can keep you in a situation where you’re endlessly making unmanageable payments and living on barely enough income.
- Depression “Why bother? I’m just too deep in debt.” Many people who are deep in debt experience a feeling of sadness or hopelessness about their situation. It’s certainly daunting and discouraging to be looking up at a seemingly iron wall of debt. Depression about financial issues can be really debilitating and affect everything in your life. It is important to realize that there are options, and that the situation you are in doesn’t have to last forever!
- Acceptance “I’m in a tough spot, but I can adjust and overcome this.” Coming to terms with your situation is the final, and most important stage of the process. You’re now ready to reach out and get some help with your debt issues.
Request a Free Consultation and Get Bankruptcy Help Today!
You don’t have to go through this alone! At Suburban Legal Group PC, we understand the toll that financial challenges take on individuals and families in Illinois. We believe we can help you, as we’ve helped thousands of people in the Greater Chicago area get a fresh start.
Request a Free Bankruptcy Consultation Today. There are no hidden fees, no obligations, no pressure and no risk in this initial consultation. Contact us today!
DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Suburban Legal Group PC shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.