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What is ‘money avoidance’ and how can you overcome it?

We explain what money avoidance is and offer some tips on how to overcome it and take control of your credit.

17 March 2022Jade Harvey 2 min read
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Image by Michael Longmire

Take control of your credit

Be ClearScore sure about your credit choices.

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Lots of people have a complicated relationship with money. In fact, the majority of people say that money is the main cause of stress in their lives. With inflation and interest rates at record highs, it’s never been more important to take control of your credit. But decluttering your debts and getting your finances in order can feel daunting, so this article explains what money avoidance is and how you can overcome it.

What is money avoidance?

Money avoidance refers to when someone ignores their finances to avoid emotional distress. The ways people avoid their finances – and the reasons why – vary, but the outcome is often the same. Debts can spiral and bills can go unpaid.

What’s the money avoidance cycle?

The money avoidance cycle often follows this pattern:

  1. Feel ashamed and anxious about overspending and managing money.
  2. Avoid checking credit statements and bills because they confirm negative ideas.
  3. Overspend to overcome the guilt and shame of spiralling debts.
  4. Stress, anxiety and worry increase due to mounting debts.

Identifying the way you manage your finances is the first step towards taking control of your credit. If you do experience ‘money avoidance’, starting small can help you to implement positive change and start building healthy money habits.

How to overcome money avoidance

Here are a few ways you can take control of your credit:

  • Declutter your debts

Consolidating what you owe into one simple monthly payment can help you feel more in control of your credit. If you’ve got more than one credit account, the thought of paying them all off can feel overwhelming, but a debt consolidation loan lets you bring all of your debts together. You could even get a lower interest rate. See how much you could save.

  • Pay 0% interest

Don’t pay interest on your balance if you don’t have to. We have balance transfer credit cards offering interest-free periods of over two years, so you could shift the outstanding balances of your credit cards. See how much you could save.

  • Choose the right type of credit for you

Using a credit card could save you more in interest than a 'buy now, pay later' option – plus, you could grow your credit score. while you’re at it. Here are a few of the benefits of using a credit card.

Be ClearScore sure about your credit choices

Interest rates are likely to keep on rising, so don’t wait to take control of your credit – act now and it could save you hundreds in the future. Check your today.


Jade Harvey Image

Written by Jade Harvey

Copywriter

Having worked as a financial copywriter for the past several years, Jade is dedicated to helping you feel clear, calm and ClearScore sure about your credit choices.