Debt is not something many people shout about, so you may be blissfully unaware a close friend is mired in debt and struggling to make ends meet. No doubt, you will want to help them, but unless they confide in you, how do you even know they have a problem?
As anyone who has been in debt knows when the bills are piling up and creditors are knocking on the door, finding relief from debt is a priority. There are many debt relief solutions available to people with a debt problem, so once you know your friend needs help, you can point them in the right direction. Here is a quick guide to help you spot the signs, so you can provide support.
Living Beyond Their Means
Living a lifestyle you cannot afford is often the reason why people get into debt. You may not know exactly how much your friend earns, but I bet you can make a reasonable guess. Do they take a lot of expensive vacations when their job is not that well paid? Anyone who spends more than they earn is on a slippery slope downwards. Use your judgement and question whether your friend is heading into debt. If they are, they will need your help sooner rather than later.
Avoiding Social Occasions
Is your friend making excuses to avoid going out, even though they were always the life and soul of the party? People with no cash and a stack of unpaid bills do not have any cash to go out, but rather than admit to their friends they are broke, they avoid the issue.
Everyone has to cancel once in a while – life has a habit of throwing a curve ball when you least expect it – but if your friend is cancelling every time you invite them out, it is time to dig a little deeper.
Not Drinking or Eating when Out
We all have different budgets for nights out. Some people are happy to leave their credit card behind the bar and do not bat an eyelid when there is a huge bill to settle at the end of the night. Others prefer to order food off the cheap menu and only pay for what they eat.
The key here is to look out for a change in behavior. Anyone who starts drinking tap water rather than alcohol, where previously they were always first in the queue for the beer, has a cash flow problem.
Not Answering the Telephone
If a friend starts screening their calls, they are avoiding something. It could be a stalker or disgruntled ex, but if they tick all the other boxes in this article, they are more likely to be avoiding a debt collector.
Piles of Unopened Mail
A pile of unopened mail, especially if it is mostly bills, is a big red flag.
Once you are certain your friend has a debt problem, you need to find a way to broach the subject in a careful way. Try and be as sensitive as possible and let them know you are there for them, whatever happens.
