My Journey out of Debt

Featured customers currently enrolled in a CareOne Debt Relief Plan, share journey to become debt-free; hear how they juggle family, finances, and more.

Do Others Really Understand?

Rate This
  • Comments 2

Do Others Really Understand?    As you are trying to get out of debt, do you sometimes feel like you're the only people to realize you are in financial trouble? 

Do others understand? I mean really understand the stress and pressure you are feeling while you are having financial problems?  

My friends and family said they understood when I initially told them we couldn't afford to do something they wanted to do, because of our financial situation. But just a few weeks later they would put us right back in that situation by asking us to again, participate in an activity that we could not afford.  

I finally decided that I had to literally sit people down and explain our financial situation. I did just that.  I explained to our friends and our family that we did not get into this financial situation overnight and that we would not be out of it quickly either. I let them know that this process was going to take time, not months but years for us to recover!

The most important thing that I explained to everyone was that, we are now enrolled in a Debt Management Plan (DMP) which will help us reach our goals. Our credit cards are tied up in the plan so we can't use them to go further in debt. 

The best part of this was that once people understood - really understood - they were actually more helpful. My friends and family were more inspirational for us.

Telling people who were close to me also took that feeling of anxiety and guilt away. We both knew that this would help us for a better future, and the more they understood the better it was in the present. 

There are benefits to teaching and sharing with your family your financial situation:

  • Less stress on you when others know and accept the situation
  • Increased willingness by family members to help save money (like turning off the electricity when not needed)
  • More overall support from family members; for instance, they may offer suggestions of things the family can do to help
  • Creative solutions to save money by family members; for example, a teenager may offer to get a part time job so they can take care of some of their own expenses (this is also a great way for them to learn responsibility)

You probably can think of a few more benefits on your own. So, if you're being pressured to spend money on unnecessary things from loved ones, sit them down and explain the situation you have gotten yourself into.

Of course there will be ones that may never truly understand, like maybe the small ones. The benefits of telling my friends and family about what we were doing financially certainly outweighed the risk of embarrassment by not saying anything. 

To read more from Dennis about life on a Debt Management Plan, click here.

Dennis Bauman, My Journey out of Debt Blog, Debt Management Plan GraduateDennis Bauman

Dennis Bauman has been on a Debt Management Plan (DMP) customer with CareOne Debt Relief Services since October of 2007 and recently graduated to become debt-free!! Dennis Bauman works in the manufacturing industry, creating floor tile. Having officially completed the Debt Management Plan, Dennis Bauman is excited to share what his experience on the DMP was like as well as what made his experience a successful one. Look for more posts under the My Journey Out of Debt blog. Compensated CareOne Debt Relief Services Blogger.

Your comment has been posted.   Close
Thank you, your comment requires moderation so it may take a while to appear.   Close
Leave a Comment
  • * Please enter your name
  • * Please enter a comment
  • Share
  • Dennis, I think it's great that you had the strength to tell people that you were on a debt management plan, and exactly what that meant.  It's very common for people in such a situation to wonder if people really understand what you're going through...even after you lay it all out for them.

    I had an experience just this weekend at a dinner party with friends where financial difficulties were mentioned by someone else.  Vonnie described the plan that we were on, and the difficulties we've encountered and overcame (we had never disclosed this information to this particular group of friends).  As she was describing going through hard times I could see other heads nodding up and down very subtlety.  Turns out, there are two couples in this group who were caught up in the housing boom (as subcontractors).  They built big, expensive houses...and when the bubble popped, they were left with a much smaller income and had to short sell their homes.  They are now trying to recover financially.

    We may not be traveling quite the same road, but we all have financial difficulties in common.  There are more people out there that understand exactly what we're going through than we might think....

  • It was a very hard decision for me on whether to share the information on my financial situation or not.  At first I was very embarrassed about it.  After I was able to come to terms with my situation myself it became easier to share it with those that are close to me.  After about 2 months on the program I started sharing with others.  This has made my journey out of debt that much easier.  I couldn't believe how supportive everyone was.  They help me stay on track!!  I am glad you were able to share with your friends and family as well.  :-)

Page 1 of 1 (2 items)