5 signs your friend is struggling with serious debt
Money is always going to be a sensitive topic, and part of the reason for this is the fact that so many people willingly suffer in silence. But if you notice the warning signs, you have to take action. Here are five signs your friend is struggling with serious debt.
1. They keep cancelling plans
Whether you’re talking about dinner, drinks or even just the occasional coffee, if your friend keeps cancelling plans (particularly if they didn’t have a reputation for doing so in the past) that could be a sign that they’re struggling with their finances.
2. Unopened bills
If you’re visiting your friend’s home and you notice a pile of unopened bills, this is a classic sign of money troubles. Generally these bills are left unopened because the recipient does not want to see what’s inside, or deal with the monetary consequences.
3. Sudden changes in behaviour
Does your friend seem more fidgety that usual? Do they become cagey or defensive when money matters are mentioned? Are they bitter when discussing other people’s spending habits? This could indicate stress about their own individual financial situation.
4. Ignoring calls and knocks on the door
If you’ve been staying at your friend’s house and noticed a knock on the door or phone that’s been left unanswered on multiple occasions this could be a very bad sign. Often this is out of fear of dealing with a debt collector who could be on the other side.
5. Not adapting to changes in circumstances very well
Lifestyle changes generally come with a change in financial circumstances, but if you’ve noticed a sign that your friend is living in the same way that may be a sign that they’re ignoring the demands of their new situation and not putting themselves in a position to succeed.
What can I do?
Experts recommend taking the following steps if you know a friend who is struggling to deal with debt. That being said, sometimes just providing someone to talk to about it can make all the difference.
- Encourage them to talk to their credit provider and discuss payment options.
- Talk about applying or a hardship variation to help make payments.
- Direct them to a financial counselling service.
- Encourage them to take up free legal advice.
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