A recent survey from money.co.uk highlighted that almost half of Brits would put themselves into debt to pay for an engagement ring, which is staggering considering that the average engagement ring bought in Britain is priced at between one to three month’s salary.
The same data showed that it takes between 2-5 years to pay off this debt, and that’s before the happy couple even begin to plan their wedding.
But with the staggering ever-increasing commercialism of Valentine’s day, it’s the little expenses that add up. Restaurants, gifts, and entertainment. Stick it on the credit card, worry about it later. Take out the buy now pay later option offered by the likes of Klarna.
Trust Deed Scotland® recommends that in any situation regarding your finances, that you budget accordingly. If you don’t think you can afford it, don’t buy it.
From the Shetland isles all the way down to Galashiels and Dumfries and Galloway in the borders, many people in Scotland are experiencing personal financial difficulties. In what’s been described more recently in the media as ‘Problem Debt’ it’s important that you seek help as soon as possible if you can’t cope with your debts.
Hiding debts from your partner
It’s not uncommon in Scotland for people to hide debts from their partners. And, in cases where there is no existing joint debt, or guarantor loans exist; many people have gone through a whole Trust Deed term of 4 years or more, without ever mentioning anything of their debt to family and friends.
However, Trust Deed Scotland® would advise that you to open up to your closest friends and families for emotional support at the very least if you do have debt problems.
By browsing our thousands of reviews on TrustPilot, there are many cases where it was a friend or family member that made a recommendation for Trust Deed Scotland® and our debt advisory service, which is staggering considering we’re all too aware of the stigma attached to having debts.
A stigma which sadly does mean that many people feel alone and too embarrassed to talk about their finances.
Our advisors understand the courage it takes for someone to face up to their problem debt, they have a friendly, empathetic approach and are non-judgemental, it’s perhaps this difference that results in someone feeling empowered enough to talk openly about how their unaffordable debts, rather than struggling on alone carrying the burden of their debt with them.
If you do something about your debt today, you can stop worrying about it tomorrow.
By reducing your monthly repayments to one, affordable payment, stopping the pressure created by creditors’ constant phone calls and red letters, the reduction in anxiety and stress caused by your debt problems could result in a better life for you and your loved ones.
People suffering stress tend to ‘lose touch’ with their partners or lose emotional availability and this itself can result in relationship issues for those stressed out over money worries. We recommend speaking to Breathing Space if you are feeling down on 0800 838 587, or find help from SAMH on 0141 530 1000 if you are feeling this way, regardless of whether you have debt or not.
However, it’s not all about extravagant spending on Valentine’s Day
Another recent survey from the US showed that expensive gifts are a turnoff for as many as 1/3 of the respondents, which should bode well for us Scots since we’re not known for splashing out on presents. Perhaps, a handmade card and a homecooked meal are suffice enough for our partners!
Beyond Valentine’s Day – Concerned about your debts?
You can get expert, confidential debt advice from Trust Deed Scotland® by calling us on 0141 221 0999.
Our expert advisors can talk to you about your debts and your affordability and then make recommendations based on the facts, including the pros and cons of any applicable debt solutions.