Frich Reveals: Is everyone in debt?

Let's talk about debt. Because tbh it's kinda urgent... Let's start with this one:

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‍Do you know exactly how much debt you have right now?

42% of Frichies admitted that they don't know the exact amount of money they owe. And that's not okay! If you're in debt, you should do your best to stay on top of it and have a repayment plan. If you need some help creating one, take a look at our deep dive breaking down how to get rid of debt here.

If you need help with the very first step - figuring out how much you owe and to whom - check out our free debt calculator tool.

And if all of this is overwhelming & you just want one to see one of our friendly team members walk you through the steps on camera, check out our Instagram reels on debt management!

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Compared to your friends, how much debt do you think you have?

Now let's talk about comparison. Because, unfortunately, data reveals that too many of us are getting into credit card (or BNPL) debt caused by non-essential expenses. Frankly? FOMO is putting you into debt.

So how do people think they compare? Almost 40% believe they have a lot more debt than their peers, and another 40% believe they're roughly in the same spot as their friends, when it comes to their debt.

Our recommendation? Start talking about it! Open up to your friends about your financial situation and you might be surprised to learn what they have to say. Statistically, they're either in the same situation or a worse one than you. And hopefully you'll end up with deeper friendships where you can be transparent and vulnerable with each other. On top of that, you can keep each other accountable while working towards repaying your debt, instead of unintentionally pushing each other towards accumulating more debt.

Just like any therapist will always say - communication is key!