What to do If you Have Hit Rock Bottom

by Darwin on July 21, 2016

You’ve lost your job, your prospects look poor, the creditors are knocking on your door and you shower at the gym because the utility company has cut off your hot water. Now just add some health problems or a difficult family situation, and your life seems less than bleak. It’s tragic.


Unfortunately, this is the reality for a growing fraction of North Americans who are struggling to keep afloat in this delicate economy we are situated in. This state has affected not just the livelihoods of people, but their living situations, their marriages, their health and their happiness.


Though it’s more than difficult to pick yourself off the ground once you have fallen into the deep pit of debt, it’s essential to formulate a plan of action instead of just throwing the towel in and giving up. Don’t even know where to get started? Here are some basic actions you should take once you have hit rock bottom.


  1. Get some professional advice.

You don’t have to go on one of those TV reality shows in order to receive help. Many banks and government institutions offer free financial assistance to those who need it. These professionals see cases like yours all the time and know what it necessary to get to out of the rut you are in and moving towards financial stability. Make sure you are completely honest about your situation and mention any side effects that this problem has had on your life. They should be knowledgeable about complementary programs that will address all of your issues.

  1. Consider declaring bankruptcy

Everyone cringes at the “b” word. However, bankruptcy isn’t the worst thing that can happen to you. Personal bankruptcy, though it can affect your self-image and impact your financial future in the long-term, can save you from becoming completely asset-less. You will have to weigh the pros and cons as you consider this important decision. If you are worried about being able to get a loan in the future, remember that bad credit or no credit, you can still apply for an online payday loan.

  1. Take care of your health

Be sure to take care of your physical and emotional health during this difficult time. Take up a sport or activity that will help you release your tension, like running or boxing. If you are struggling with your mental health, seek counselling or a support group that will help you as you work towards financial stability.

  1. Make yourself employable

A big source of confidence and income is a great job. So if you are currently un or underemployed, work towards increasing your employability. The local working center or unemployment office is a great resource for individual career coaching or training sessions. Fix up that resume, iron your shirt, and it’s time to score a great job that will provide you with the income you need to boost yourself out of your financial rut.

  1. Use your network.

It is very difficult for a lot of us to admit to our family and friends that we are struggling with debt. However, they are the ones that care for us the most and might actually be able to help us. Whether that means lending money, providing a place to stay for a while, or working their connections to get you a job, allow them to help you. It might mean you’ll have to swallow your pride, but it can really provide the boost you need to get your feet on the ground.


Being in the state of financial trouble is a common predicament that more and more North Americans find themselves in. However, remember that there is always a way out, and you don’t have to do it alone. There are countless people in the same situation for whom special services and programs have been set up. Don’t forget that no man is an island, and no matter how bleak the situation appears, there is a network of people you know that can help you out. Because as they say, “once you hit rock bottom, the only way you can go is up.”



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