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Advice for a person who is deeply in debt

freelancermaria

freelancermaria

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We don't want to be deeply in debt in our lives. If you were given the opportunity to advise someone who is deeply in debt, what advice would you give? I asked this because our neighbor is in this kind of situation. She wants to borrow money from my mother to repay her debts. My mother is a senior citizen, and we are not wealthy.
 
I think what I could do to help him or her is to just listen, show emotional support because no one wants to live in debt, and then talk to them about the solutions and resources they can turn to. However, if I am in your shoes, I will not let that person borrow money from my mom, considering that she's already a senior and also needs funds. Maybe what I could do is help her find some part-time work to have additional income.
 
Augusta said:
Start paying bits by bits. Make more money and only do cash transactions till you are able to pay off your loan
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That's correct, Augusta. She can pay off her bills gradually and stop using credit cards for purchases. I hope she can find a job and pay off her debts.
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klassicdoll said:
I think what I could do to help him or her is to just listen, show emotional support because no one wants to live in debt, and then talk to them about the solutions and resources they can turn to. However, if I am in your shoes, I will not let that person borrow money from my mom, considering that she's already a senior and also needs funds. Maybe what I could do is help her find some part-time work to have additional income.
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Yes, emotional support would suffice. Give her advice on how she can pay off her debts. In the interim, she can look for jobs online.
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eLdavis said:
At this stage I think the best thing to do would be to find something to do to help generate money and as well cut down on her expenses.
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Exactly. She needs to find a job so she can pay off her debts. Maybe she can try freelancing or online selling.
 
Starmix said:
The person in multiple debts lack self control. She failed to analyse that accumulating debts is deadly. What must he do? He needs 5 or 6 jobs and never ignore paying his debts once he earns a lot.
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Being in debt is not a good thing. Some people do not have self-control. They need to find a job as soon as possible and change their poor habits of borrowing money from others.
 
freelancermaria said:
Being in debt is not a good thing. Some people do not have self-control. They need to find a job as soon as possible and change their poor habits of borrowing money from others.
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It's scary living with debts. There's no peace if mind and happiness. It's better to avoid debt especially bank.
 
My advice to people who are deeply in debt, the first thing they have to do is not create new debts, record and count all debts, make up your mind and have the intention to pay off all debts. Calculate all the wealth you have that can be sold, such as motorbikes, household furniture, so that debts are reduced, look for additional income so that debts can be quickly paid in full.
 
I think the best way to help someone to get out of debt is by helping that person to generate more income while reducing unnecessary expenses. Lending money as a way of helping, ends up in more disaster most of the time, unless the borrowed money is to increase income or to reduce interests. But a financial plan and discipline is a must.
 
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