How does your debt impact your loved ones?

In short

The debt impact goes beyond money. It also affects your emotions, family bonds and social ties. Below are the key elements to keep in mind.

It hinders communication and strains the bond with your partner.
It leads to constant worry that your children will notice.
Reducing specific expenses can create guilt.
It restricts you from participating in certain family or social activities.
It fosters isolation and distances you from your friends.
However, your debt burden can be lightened if you seek help and gradually regain control.

Having debt is not just about money. It’s a reality that affects you every day. It leads to deafening silence at the dinner table and causes stress and even shame in your relationships with loved ones. This debt impact often undermines trust and communication at home. Like it or not, the anxiety caused by financial difficulties eats away at you and impacts your connections with your partner, family members, children and even friends.

When debt harms your relationship

Debt can create tension in even the most solid relationships by causing:

arguments that always revolve around money and spending;
fear and stress caused by not knowing if you can pay bills on time;
generalized anxiety about the future and having to delay projects such as buying a car or home, travel or renovations;
a feeling of injustice if one partner takes on more financial responsibilities than the other. Feeling that you’re alone in carrying the burden is sometimes worse than the actual debt.

A domino effect on your family

Debt can also impact your children. Even if they don’t fully understand the situation, they can sense when a parent is worried. Furthermore, when their requests for outings or activities are repeatedly turned down, they can feel frustrated (and the parent will feel guilty). The best approach is to open up about your debt, as long as you find the right words.

On a broader level, having debt can isolate you from your family if you’re not prepared to explain or justify the situation due to shame or dread of your loved ones’ reaction or judgment.

Friendships put to the test

Declining a dinner with friends or a group activity because “there isn’t room in the budget” can take its toll. You gradually isolate yourself and that’s when loneliness can set in and distance you from your friends.

How you can lighten the burden of debt on your family

Fortunately, there are ways to regain some control.

- Confide in your partner or someone you trust. Even for couples, talking about money is still taboo. However, if you dare to broach the subject, you’ll feel a lot of relief. Read our tips on how to talk to your partner about your financial issues. This will help you to feel less alone.
- Draw up a budget to help you get a clearer picture.
- Above all, consult a professional such as one of our Licensed Insolvency Trustees.

In short, debt involves much more than figures. The debt impact affects your emotions, family and relationships. However, even if debt is weighing you down, you don’t have to go it alone. You can protect your bonds with your loved ones… and regain some peace of mind. If you need help with your debt, contact Raymond Chabot and get back on track.

Share by email