{"id":6951,"date":"2022-01-21T14:54:40","date_gmt":"2022-01-21T19:54:40","guid":{"rendered":"https:\/\/pierreroy.com\/?p=6951"},"modified":"2022-01-21T14:54:40","modified_gmt":"2022-01-21T19:54:40","slug":"how-to-support-a-loved-one-who-is-drowning-in-debt","status":"publish","type":"post","link":"https:\/\/pierreroy.com\/en\/2022\/01\/how-to-support-a-loved-one-who-is-drowning-in-debt\/","title":{"rendered":"How to Support a Loved One Who is Drowning in Debt"},"content":{"rendered":"

We all know that dealing with debt is extremely difficult. You\u2019re constantly getting notices, you can barely afford to make your minimum payments, your credit score decreases considerably, and you spent all of your nights lying awake thinking of ways in which you can get yourself out of the hole you dug yourself into. Watching a loved one suffer from this can be just as difficult as dealing with it yourself and can make you feel completely helpless. You might be thinking of loaning them money or helping them pay their bills \u2014 at the detriment of your own financial situation. But then, how can you help them without putting a dent in your own wallet? Read on to find out.\u00a0<\/span><\/p>\n

<\/p>\n

Recognize the Signs<\/h2>\n

Most people who are drowning in debt are too embarrassed to say anything about it to their loved ones, so it\u2019s important that you try to recognize the signs. There are many signs that point towards a person struggling with debt, namely:<\/p>\n

Their card being declined when you\u2019re out with them.<\/h3>\n

This shouldn\u2019t be cause for concern if it only happens once, but if this has happened multiple times when you were on outings together, then that generally means that your loved one isn\u2019t even aware of their account balance because they are either avoiding looking at it, or don\u2019t care enough anymore to keep track.<\/p>\n

They don\u2019t have any savings<\/h3>\n

They might mention in passing that they don\u2019t have any savings to their name. Not having any savings is usually cause for concern, because it means that all of the money they make is going towards debt, rent, and other necessities. If all of their money disappears by the end of their payday, then that\u2019s usually a sign that they\u2019re struggling with debt. It\u2019s not always the case \u2014 some people like to live beyond their means and are just spending all of their money without being in debt \u2014 but it\u2019s usually the case.<\/p>\n

They\u2019re getting new credit cards<\/h3>\n

If your loved one is always using a new credit card, then that\u2019s a huge sign that they might be drowning in debt. It usually means that they cannot keep up with their payments, maxed out their other credit cards, and are now using new ones to be able to pay for their daily expenses.<\/p>\n

They\u2019re moody and working overtime<\/h3>\n

It\u2019s understandable that being constantly worried about your debt will not put you in a good mood. In fact, you\u2019ll be so stressed that you\u2019re probably going to try to find ways to be working overtime, which will contribute to even more lack of sleep and will worsen your mood even more. So if you notice that your loved one is constantly working and isn\u2019t behaving the way they normally do, it\u2019s a sign that they\u2019re drowning in debt.\u00a0<\/span><\/p>\n

What You Can Do<\/h2>\n

Not knowing how you can help someone you love can be really difficult. Luckily, there are a few things you can do in order to help a loved one who is drowning in debt.<\/p>\n

Be Supportive<\/h3>\n

One of the worst things you can do when trying to help a loved one who is drowning in debt is to be judgemental. Sure, maybe you would never let your finances get to the point that your loved one\u2019s are at, but that doesn\u2019t mean you should tell them that. What they need right now is your support, not your judgement. Chances are, they\u2019re already judging themselves enough. Not being supportive might\u00a0 <\/span>only serve to cost you your relationship.<\/p>\n

Do What Makes You Comfortable<\/h3>\n

Although you should be supportive, you still need to look out for yourself. If they ask you to lend them money or ask you to be their guarantor and you don\u2019t feel comfortable with that, then don\u2019t do it. You shouldn\u2019t risk putting your financial health at risk unless you are 100% sure that the person you are helping will be responsible and make their payments. But just because you say no, doesn\u2019t mean you can\u2019t help. Instead of providing them with money or agreeing to become their guarantor, offer to help them create a budget<\/span><\/a> so that they can keep track of all of their expenses and income. Sometimes, a budget is all someone needs in order to get them out of a sticky situation.<\/p>\n

Refer Them to a Licensed Insolvency Trustee<\/h3>\n

If you\u2019ve tried creating a budget with them, but noticed that they still won\u2019t be able to make their payments on time, it would be wise to refer them to a professional such as a licensed insolvency trustee. A licensed insolvency trustee is trained to analyze one\u2019s financial situation and provide the best solution<\/span><\/a>. Each case is different, and they will find the perfect way for your loved one to get out of debt. There\u2019s always a way out \u2014 but the sooner they start, the sooner they\u2019ll find relief. So book a free and confidential consultation<\/span><\/a> today.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

We all know that dealing with debt is extremely difficult. You\u2019re constantly getting notices, you can barely afford to make your minimum payments, your credit score decreases considerably, and you spent all of your nights lying awake thinking of ways in which you can get yourself out of the hole you dug yourself into. Watching […]<\/p>\n","protected":false},"author":17,"featured_media":6943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45],"tags":[318,135,251,280,283,319],"class_list":["post-6951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-tips","tag-credit-card-debt","tag-debt","tag-debt-solutions","tag-financial-stress","tag-stress-en","tag-support"],"acf":[],"yoast_head":"\nHow to Support a Loved One Who is Drowning in Debt - Pierre Roy & Associ\u00e9s<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pierreroy.com\/en\/2022\/01\/how-to-support-a-loved-one-who-is-drowning-in-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Support a Loved One Who is Drowning in Debt - Pierre Roy & Associ\u00e9s\" \/>\n<meta property=\"og:description\" content=\"We all know that dealing with debt is extremely difficult. 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