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How to help friends and family in debt

Even when talking to your very closest friends and family, it is often the case that people are reluctant to discuss money matters and their personal finances. This is one of the reasons why people are often very secretive about their levels of personal debt and whether or not they are under control. If a friend or family member talks to you about a problem they have with debt, there is some key information that needs to be discussed in order to work out the best course of action.

How serious is the problem?

When sitting down to discuss personal debt problems, the first thing to evaluate is just how serious the problem is. In other words, of course, just how much money is owed, and has the person already got into arrears with their repayments? If somebody has failed to make a number of payments, the situation already seems to be quite serious, and action needs to be taken sooner rather than later. As with many stressful situations in life, tackling the problem head-on and getting to grips with it is often the best thing to do.

Where has the debt come from?

With credit cards and personal loans in particular often being very easy to make use of, these are often the most common sources of personal debt. Payday loans are becoming more and more of a problem simply due to the ease in which you can acquire them, and also their short-term, high interest structure. Other sources of debt may be store cards, hire purchase and utility bills, but wherever the debt has come from, chances are there will be a way of dealing with it to prevent it from getting any worse.

Common sense advice

When you are talking to a loved one about their personal debt problems, it can often be the most natural of responses to offer to lend them money. However, this really isn’t a solution to the problem and results in either the person building up more debt (to you) or you not actually receiving your money back. Therefore, this course of action is often best avoided, even if it is difficult to do so. The best possible advice to start with is to work out how much money is coming in and going out each month. By sitting down with pen and paper and working out the household budget for the person with the debt, it often makes it much easier to work out exactly what money can be saved and put towards repayments.

Talk to the experts

With all the best will and common sense in the world, sometimes it can be very difficult to help your friend or family member deal with their personal debt problem. It is for this reason that getting into contact with personal debt advisers is an important step. You can help your friend or family member by finding contact details for such personal debt experts, and perhaps even being with them when they make that first phone call.
At Dissolve Debt we have years of experience helping people with their personal debts. Contact us today, or pass our details on to your friend or family member to see how we can make things easier.

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