When it comes to financials, those struggling with making ends meet or piling debt may begin acting or behaving differently. It’s important to note that small changes in a loved one’s behavior may not set off any alarms, but these changes can have a much deeper meaning. We’ve compiled a list of the most common warning signs that your loved one may be struggling financially and how to help them get back on track to financial freedom!
They are less social.
If your friend or relative begins canceling plans with you, it may have more to do with their financial status than their feelings toward you. For many, it is easier to cancel plans than admit they cannot afford to go out to eat or grab coffee. If you notice a regular pattern where your loved one is constantly canceling plans or avoiding events that cost money, it may indicate they are struggling with debt. You could try to invite them to events that are free of charge to keep them from feeling isolated or left out. Remember that the problem is not with you or your relationship but their personal finances. Avoid lashing out at them for constantly canceling and offer a supporting hand instead.
They have unopened bills.
Another common sign to look out for is if your loved one has large stacks of unopened mail and bills from creditors or banks. When people are in debt, they typically avoid opening statements or letters because they fear the consequences of debt. When you are in debt, it can be overwhelming and devastating. In addition, the constant badgering of credit card companies and creditors can be downright depressing. Having their bills and collections out of sight and out of mind is often easier. Many creditors now use phone calls, emails, and texts to contact people, so be aware if your loved one is ignoring or leaving emails or messages unread. It can be tough to keep up with never-ending financial responsibilities, and being harassed makes it that much harder.
They have asked you for money.
One of the most obvious warning signs that your loved one is struggling with debt is if they are constantly asking you to borrow money. Most people refrain from discussing money problems with their friends and family, and asking for a loan is a sign that they may have exhausted every other option. If your loved one is asking to borrow money, be aware that you may not be repaid quickly or even at all. Sometimes, the request will be small, but if they begin stacking up over time, it indicates that your loved one may be struggling financially.
How can you help?
So, how can you help out your loved one with money troubles? The first thing to remember is that you don’t want to accuse them or make them feel worse. You should treat the situation delicately and have compassion and understanding for your loved one. Start by having a conversation. Include personal experience and keep the discussion non-judgmental. Make sure they can tell that you are being sincere and that you genuinely want to help. Mention that free debt advice could help them get their finances in order. In fact, 73% of people in debt feel less stressed once they seek help. Leslie Craft will listen to their situation, recommend the next steps, and dedicate her time to your financial recovery. Ready to overcome debt? Contact us today at 252-752-0297!