Tool 3: Building a support system

As with any goal in life, a strong support system can help you stay motivated and hold you accountable.

The same idea applies when you’re working on getting out of debt. Your support system should include people you feel comfortable asking for guidance and sharing your hopes and concerns with. Similarly, there may be local groups or programs that can help you along the way.

What’s most important about having a support system is that you won’t feel alone through the debt repayment process, which can sometimes feel stressful or isolating. The stigma of being in debt can take a toll on your mental health, but you don’t have to face it alone.

What is a support system?

A support system is a group of individuals or professionals who help you in various ways, depending on your goals. They may be there to encourage and keep you accountable or offer specific services or resources to help you achieve a goal. In this case, your support system is there to help you on your journey to debt relief.

What a support system does to help you can vary. Friends, family members and professionals can all be a part of your support system in one way or another. You can build your system however you think will be the most helpful.

What a support system can look like

When paying off debt, your support system may include many different types of people playing different roles.

For example, a member of your support system might be a close friend also paying off debt to serve as an accountability partner. You also might enlist a professional to walk you through debt payoff and negotiate with your lenders on your behalf as part of your extended support system.

There may also be local programs in your area that offer financial education and support to learn about your options for debt repayment.

Personal support systems

Family, friends and your local community can support you both financially and emotionally.

A friend may help you with childcare so that you can work and earn more to pay off your debt. You might carpool with a colleague to work to save money on gas and car maintenance. Or perhaps a family member wants to help alleviate your financial burden by gifting you money to help.

Similarly, people in similar situations may be a safe space to share wins or fears and make you feel less alone during the debt paydown process.

The hardest step is the first one, which will require you to be vulnerable and ask for help.

Local support systems

Local support systems go beyond family and friends.

These include food pantries or free meals from community kitchens to alleviate food insecurity. Low-cost medical clinics are a great resource when you need medical attention, especially if you’re concerned about healthcare costs. If you have children, you might benefit from organizations that provide needed items like backpacks and other school supplies.

A great place to learn more about your community’s offers is to join local Facebook groups and ask around. You can even do this anonymously if you like. Community boards at your local library and city hall are another way to find programs you might qualify for.

Government support systems

Depending on your circumstances, you may qualify for government support.

Programs like the Supplemental Nutrition Assistance Program (SNAP) provide low-income families with food benefits that they can use to buy fresh fruit and vegetables, cereal, bread and more. Like SNAP, the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) grants food, healthcare referrals and nutrition education for qualifying mothers and children.

Government programs require that you meet certain qualifications based on your income and other factors.

Is building a support system right for you?

Building the right support system for you will take time and effort. No two support systems are alike, so yours should be tailored to you and what you need to pay down debt.

Do more in-depth research into the programs listed above and consider how to ask your friends and family for help where you need it. Seek out other support in the form of groups and local organizations when you can.

Other debt paydown tools to consider

Having a support system behind you is just one tool in your toolbox to pay down your debt.

Other strategies to consider include budgeting for your debt and debt management. Debt management works to bring down your debt through financial planning and may include working with a reputable debt relief company. Whether you DIY your debt management or work with a professional, the goal is to get in front of the debt so you have a plan to pay it down.

You may also consider refinancing or consolidation when it’s time to start paying back your debt. Refinancing is when you take out a new lower-interest loan to pay off other debts with higher interest rates. This isn’t a good idea if the new interest rate is higher than your current rates. You can also work with your creditors to consolidate your debt into one, often lower, monthly payment.

Finally, a debt relief company like National Debt Relief can help you manage your debt and put you on a payment plan to pay it off.

Next steps

A support system includes many different types of people and groups depending on your personal needs.

For some, your support system could be a group of like-minded people working toward the same goal or asking friends and family for support in various ways. There’s also government and local support such as food pantries, WIC and SNAP benefits.

However you build your support system, visit our National Debt Relief hub for more information about personal finance and debt repayment tools.