The global pandemic has made life even harder than ever for Generation Z. Before young people have had the chance to create a financial buffer, they have been plunged into debt.
Now, they are terrorized by a virus and threats of redundancy. Yet, they still have mounting debts to pay.
You may have incurred debt by being a conscientious scholar. You completed a university course but could not find a job. However, you still have an enormous student debt weighing down on your shoulders.
Or, you may have started a career with great prospects and began to spend like there's no tomorrow. Then the pandemic killed your prospects stone in their tracks.
So, what are you going to do now?
It may feel like you have nowhere to turn.
To Sleep or Not to Sleep. That is the question?
We are all becoming increasingly aware of the importance of a good night's sleep. It is the answer to living a healthy and fulfilling life.
Debt may be causing you to have sleepless nights. Maybe you are being woken by floods of fear and panic? Adding sleeplessness to all your other anxieties is not going to help.
Lack of sleep causes negative side-effects, and one of the main ones is the inability to think clearly. You may act irrationally, which is not helpful when you must find a way to make ends meet.
Try to find a healthy way to regain your sleep pattern, so that you can find solutions to your debt problems.
Talking about your problems may be an impossible barrier to overcome. Pride, shame, and fear are just a few of the emotions that make it difficult to seek help.
Many of us have family members who are also going through difficult times. Maybe they have financial or medical problems or both. So, it is unfair for us to burden them even further.
It is important to realize that many kind people and organizations are ready and willing to help. All you need to do is put your pride in your pocket (your pockets are pretty empty now, so there should be plenty of space!) and reach out.
There are offers on social media from people willing to help with food parcels and the like. They also promise to protect your privacy.
Debt Charities are waiting to help
There are also debt charities that will negotiate with your creditors and create a debt management plan for you. They form a buffer around you, so you do not have to deal with creditors' harassment.
If you stick to the reasonable repayment amounts, it won't be too long before you are debt-free!
Finally, if you are aware that your mental and physical health is suffering, seek medical help. You must look after yourself and those who depend on you.
Never a Borrower or a Lender be!
Well, that advice is useless if you already find yourself in debt. However, many unscrupulous lenders out there prey on those who have found themselves drowning in debt.
Even if you are not financially savvy, the extortionate interest rates should send you running in the opposite direction. Do not be tempted to take loans from companies, family, or friends at this time.
Money squabbles are the quickest way to alienate family members and friends, with long-lasting consequences.
Change your lifestyle
Only you know the sorry tale of how you got into debt. And it's going to be you who has to find a way out. Of course, you will have times when you feel as if your back is against the wall.
Dark depression may try to paralyze you, but remember that many are in the same position. There are always options if you just calm down, think clearly, and acknowledge the situation, warts and all.
You may consider changing some of your expensive habits and trying to live within a limited budget. Or, you may need to make extreme changes to your lifestyle.
Perhaps they will open up an exciting new way of life for you and those you care about. This could be the start of the life you have dreamed of.
You may consider trying to find a more self-sufficient way of living. The pandemic has changed our world and way of life forever, so why shouldn't you do the same?
If you have lost your job, why not work for yourself? Many people have adapted to working from home and becoming a freelancer is easier than you think. What about the kids and schooling?
Many parents have adapted to the home-school option. Some have even enjoyed spending more time with their kids.
Many parents are inspired by the opportunity to decide on how to educate their children rather than leaving it to a state-dictated institution. So now fewer things are holding you back!
Go on an Adventure
There is also the possibility of taking all those ideas and moving to a completely new place or country. If you have nothing left to look forward to where you are, why not go on an adventure? You may discover that life can be even better than before.
Many countries around the world have aging populations and weak economies. This makes them very cheap places to live. They welcome young families and have many attractive incentives.
How do you fancy owning your own home and having land where you can grow your own produce? For example, in some parts of southern Italy, families needed to move to small villages and start a small businesses. It is even possible to buy a house for £1!
Reach out for help, make the necessary changes, and embrace all that life has to offer. Don't let debt cripple you forever.