It’s Good to Talk… About Money
Talking about money is something a lot of us find a bit difficult, whether it’s touching on how much we earn, how much we owe or how much we really spend on Shiraz each week (as opposed to how much we admit).
While this is seen as a particularly British trait – up there with queueing, not complaining about terrible food and secretly sniggering at people falling over in the street – we’re not alone in our financial reticence.
Debt Being Accrued
Over in the US, bankers have for many years refused to tell it like it is about money.
Instead, they preferred to hide behind terms such as ‘credit derivatives’, ‘securitised loans’ and ‘mortgage-backed securities’ with the result that no one had a clue how much debt was being accrued behind these vaguest of terms.
On top of that, this wretched Covid-19 pandemic has brought the importance of financial wellbeing to the front of many people’s minds.
So we were pleased to see the video emphasising the importance of talking about money as part of a five-step approach to dealing with debt which was produced by our friends at the Credit Services Association (CSA)
The video highlights ways to instil confidence in people specifically around debt, including sharing information, planning and seeking further advice. Not rocket science, it’s true, but sometimes the simplest advice is the best.
Talking to Creditors
The video builds on the CSA’s campaign, #Heretohelp, which explains the importance of people talking to their creditors and of being open in their discussions.
In this, it mirrors the approach of CSA members like us who prioritise communication and stress to people the importance of not ignoring emails, letters or phone calls about outstanding bills.
As the video explains, debt collection agency staff speak to thousands of people in debt every day in the search for an affordable way to settle their debts.
The video launch coincided with Talk Money Week, an annual awareness campaign run by the Money and Pensions Service to encourage everyone to open up about their money and pensions.
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Talking About Money
As I say, many of us dislike talking about money problems if we can avoid it, though many of us do like to boast if we think we have scored a bargain. I, for example, always relish telling Robyn how much I have saved by buying Shiraz by the crateload, even though she’s never terribly impressed.
If you’d like to talk to us about how we can help your company deal with late payers, call us on 0115 784 5602 or email us.
The video highlights ways to instil confidence in people specifically around debt, including sharing information, planning and seeking further advice. Not rocket science, it’s true, but sometimes the simplest advice is the best.