Addiction causes many problems for those affected. It can lead to physical and mental health issues, damaged relationships, and financial hardship. If you have just completed a programme of rehabilitation, you will want to start getting your life back on track; one area that will probably need a lot of work is your finances. You may have been unable to work while you were ill, and it is likely that you have unpaid bills and mounting debts.
It is common for recovering addicts to find themselves struggling with their finances after rehab, and this could become immensely stressful if you do not deal with it as soon as possible. Unless you tell your creditors that you are having problems, they will keep sending you letters and calling you for payments.
Call Your Creditors
It is crucial to let your creditors know what is happening with your situation. Explain that you have had an illness that has affected your ability to work. Tell them that you are recovering and ask for some help. Your creditors should be able to put a plan in place that will work for you. Make sure that you let them know that you are willing to pay what you owe but that it may take some time.
Stop Using Your Credit Cards
It is a good idea to try to get your credit card balances paid off, and the best way to do this is to stop using them. Credit cards are notoriously hard to pay off because of the high interest rates. To stop yourself using a credit card(s), cut it (them) up or ask a friend or family member to hold on to it (them) so that you cannot use this form of credit again.
Create a Budget
One of the best ways to take control of your finances again is to create a budget and stick to it. You will need to make a list of all the income you have and then write down your expenses. Make a note of when your bills are due and make sure they are paid on time to avoid any unnecessary charges.
Cut Down on Expenses
When creating your budget, look at your expenses to see where you can cut down. By doing this, you will free up funds that can then be used to pay off your credit cards or other bills. Most people have areas where they could cut back; by doing this, you will be able to get your finances back in order more quickly.
Ask for Help
You may not want to ask your loved ones for help after everything they have been through because of your addiction, but you may be surprised at their willingness to do whatever it takes to help you get your life back on track. If you are going to accept help from loved ones, make a repayment plan from the beginning. You need to take responsibility for your life and for getting your affairs back in order, so it is important that you do not accept a handout. Take a loan by all means, but do not allow someone else to pay off your bills.
Call a Debt Management Company
Many companies can provide assistance to those struggling with debt. These companies will take over all dealings with your creditors and will arrange a payment plan so that you can begin to work towards getting your debts under control again. A debt management plan will affect your credit rating, but it is an ideal way to take the pressure off and to help you focus on your recovery.