Accumulating debt can be a difficult thing to experience. Nobody enjoys or desires the state of owing other people money. It can be a stressful time, and can give us that feeling of oppression which can prevent us from enjoying other things in our life.

When you’re continually worrying about the amount of money you owe, spending money (even on essential items,) can feel like a desperately wrong thing to do. Not only that, but when you build debt, sometimes these owed amounts can accrue in the forms of interest, meaning that the rabbit hole you find yourself in can grow deeper and deeper.

Of course, very rarely does the fact you have debt stay as a simple fact. It becomes tangible and real when debt collection agencies are calling you, sending you letters and ultimately knocking on your door. It can feel like you’d rather be a million miles away if you find yourself in the position. This is the exact opposite of how it should be handled.

The dangerous ‘donts’ of debt can burrow you further into a hole. But what are those, and just how insidious are they?

No Contact
It can be tempting to ignore debts, particularly if you move addresses. Sometimes it’s easier to simply feel that these companies won’t be able to find you. This is false. Companies often hire investigators who search tenancy registrations, phone numbers and addresses listed with other accounts. They can do this by finding your credit reports, which are often linked to the correct information your bank holds. If you have any form of business, it’s a legal requirement to keep that information updated, which makes easy work for an investigator. You MUST keep contact with debt collection agencies, or the business in question before it gets to that point. Doing so will help you seem aware and reactive to the situation, and willing to make the necessary payments to reduce its impact.

No Help
Burying yourself under debt letters and stress can be a common behaviour of those who feel unable to grapple with the situation. The worst part? There are multiple debt management companies and charities willing to help you with the most insidious part of your admin and communication necessities. If you need help approaching your creditors, crafting a budget, advice with selling important assets or going bankrupt as a last resort, these companies can often help you do this with lightning efficiency. Sometimes having these trusted names by your side can help companies look more fondly upon the debt recovery procedures levelled against you.

No Honesty
When you’re worried about the scope of your financial burden, it can be hard to stay clear and honest with yourself. This process will only have value if you learn from it. Try to identify what caused this situation to happen in the first place, because it will give you the tools to prevent that from happening again. Also, never be afraid to be completely honest with yourself. If this was all your fault and you were deficient in sense, promise to yourself that you will never let it happen again. Be honest about how hard you must work (within reason) to make this situation stop, be honest about the assets you can reasonably sell, and be forthright with people when you need to save money instead of spending it socially or on another form of superfluous item.

If you avoid these three headings, you can be sure you’re on the right track to financial recovery.