Being in debt is something many people believe they have to deal with by themselves. However, this is not the case. Talking to family and friends about your struggles can be a load off, and can often be a start in getting back on track and beginning to pay off your debts. We have devised some steps that should make it easier for you if you are thinking of telling your loved ones about your debt problem, as well as steps on how to help a friend out if they confide in you with their debt worries.
Be honest with yourself first
You have to admit to yourself that you have a problem with debt before you will be able to talk to anyone else about it. This can be the hardest part and the part and once this is over with, you will feel ready to tackle your debt head-on!
Don’t be shy
If you plan on telling family and friends about your debt, then expect that they may want to see the severity of the situation that you are dealing with if they are going to be able to help you. Don’t be afraid to be able to show your friends and family any bills and outstanding debt you have.
If you don’t want your friend or family member to tell anyone else about the problems you are having, then make sure to make this clear when telling them. You should be able to tell any good friend or close family member in confidence if you choose to do so.
If you are the one that is being confided in, then remember these tips. How about you try to make the person who is in debt feel better by telling them they are not alone with their debts, as millions of people in the UK are struggling, which is true!
Don’t lend them more money
As much as you really want to help your friends, lending them more large sums of money can be a bad move. Letting them borrow a little here and it is ok, but don’t offer to pay large debts off with the hope that they pay you back as this may leave you in a sticky situation, with both your own debt and your friendship. It is a known fact that money can tear relationships apart.
Explain that borrowing more money from other people is not the best idea. Advise them to talk to an expert and reassure them that there is a way out of their debts.
Don’t be pushy
Don’t get angry or pushy with your friend. It can be frustrating if someone can’t see things from your perspective, but you must remember that they are the ones with the debt problem, and how to deal with it is ultimately their decision.