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Are you hesitant to celebrate the New Year because you are in debt?

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Richa is a bubbly girl who started using easy credit to live her life to the fullest. She has been earning well but has never been able to save anything for herself. She recently joined another organization. In her new office, she didn't get a raise but wanted to make the best impression among her colleagues. She was confident that she would be able to ask for a promotion or a raise in the future and that she would be earning enough money. To feel confident at her workplace, she bought many expensive items, including a mobile phone, a smart watch, handbags, and other accessories, with her credit card and subscribed to many online platforms. She didn’t have the time to use it all, but she thought this was necessary.

Vinay has been working for some time now. He took out a massive home loan to buy the house of his dreams. His house loan EMIs ate up the majority of his earnings. He didn't have any savings either, and he lost his job during COVID. After months of searching, he got a new job, but it paid him less than his previous job. Vinay thought something was better than nothing. He too had access to credit cards and, over a period of time, started using them carelessly.

Both were moving towards depression in some way or another, which was affecting their family members as well. Over a period of time, due to stress, everyone in the family became unhappy. They were struggling and were hesitant to ask someone for help. They were aware that their relatives would make light of their situation, and their friends were juggling multiple responsibilities.

Richa was not able to focus on her job well due to stress. Finally, her reporting manager called a meeting and inquired as to why she was not able to perform as well as she had earlier. Richa had to share her situation with him. Fortunately, or unfortunately, her reporting manager was also in a financial mess a couple of months ago. He approached the industry experts and got a solution to his problems. When Richa shared her situation with him, he didn’t even think once, and like any experienced person, advised her to connect with the experts. Richa was worried that reaching out to an expert would cost her too much. She thought about looking for cheaper options or trying to handle things on her own. During a crisis, it is very tough to try something unusual. How well do you handle tough situations? But Richa's boss convinced her to approach FREED. He referred FREED's Debt Relief Program to her so she could come out of unsecured debt in the most hassle-free manner possible. Richa connected with FREED and is now in a much better situation. She enjoyed the office New Year's Party.

On the other hand, Vinay has still not opened up to anyone and skipped the New Year's celebrations!

What would you have done if you were in Vinay's place?

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