Debt and financial worries can affect the people you love. Here’s how you can offer somehelp.
It’s so great that you want to help your friend who is struggling with their finances. CAP exists to empower people to get out of debt and poverty, and we’ve been doing so for over 25years.
We know how debt and financial worries can affect not just the individual or family, but those around them who care about them, too. Here are just a few ways you can help if you’re worried aboutsomeone:
Be afriend
Keep doing all the things you are already doing. Love your friend, make time to listen to them, and help them feel safe and free from judgement. Many people in debt feel shame, so it’s vital that you assure them you’re not judging them. Don’t push them to make any decisions, but say that you are there to listen and support them. That might be as simple as putting the kettle on and sitting down tolisten.
We’ve learnt over the years that our service only works for people if they make the phone call to say they need help, as they need to be ready to commit to putting in the work required to become debt free, which could be some time. You can’t take this step for them. However, you can point them in the right direction via our postcode search, and encourage them to call us if there’s a local centre in theirarea.
Help them connect with otherservices
Debt is rarely a single issue that people are facing. Often people are up against many other struggles, including relational difficulties, job concerns or mental health issues. There are excellent services available for all these that you can help and encourage your friend toaccess.
Keep being afriend
Getting out of debt can take a long time. Over that period, your friend could get disheartened or frustrated with the process. They will need love and support as they walk the journey out of debt. Your friendship can be a critical part of thatprocess.
No matter how large or small your problem is, we can help. Our free, expert debt help will advise on the best route out of debt, and offer different types of support to help you become debtfree.
Reassuring someone that they don't have to bottle things up and pretend that everything is fine can be a real comfort, especially if they're going through a tough time financially. Being patient and empathetic may also help them take the necessary steps towards getting debt help.
The best approach: listen, provide support, and talk to them about the solutions and resources they can turn to. Acting as a guarantor or lending them money are decisions that come with their own risks. Before deciding to assist in one of these ways, it's important to know what it involves.
You could also barter for legitimate services or items. Maybe your friend is a good gardener and you could use their help. In exchange, you could offer child care, help with a specific bill, make dinner for their family, or lend their kids toys from your house.
“Help them put together a budget and mentor them along the way,” said Hays. “A lot of times people think of the word 'budget' as a restrictive thing, but it's actually just about making mindful choices of how we want to spend our money on housing, food, and entertainment.” Be positive. Be encouraging.
A reputable credit counseling organization can give you advice on managing your money and debts, help you develop a budget, offer you free educational materials and workshops, and help you make a plan to repay your debt.
Be direct and honest: Don't beat around the bush. Tell your friend you need the money back and when you need it. Be understanding: If your friend struggles to repay you, offer to work out a payment plan to give them some extra time.
Introduction: My name is Tish Haag, I am a excited, delightful, curious, beautiful, agreeable, enchanting, fancy person who loves writing and wants to share my knowledge and understanding with you.
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