8 Ways to Tell You That Your Loved One Is In Deep Debt
Being in debt is, unfortunately, a very common situation these days. Millions of people are so ashamed of it that they avoid admitting their debt issues to their friends and family.
Now, if you really want to act as an emotional support for your friends and family members, you will have to be capable of spotting the signs that should tell you if they are having money difficulties.
We have made a short list of 8 tell-tale signs that should tell you if somebody is struggling with their debts.
They cut down on socializing with their friends
If a friend of yours suddenly decides to skip most of the friend gatherings that they usually participate in, that could be a sign that they are short on money. A lot of people feel the need to defend their pride and will avoid letting people see that they have no more money by simply avoiding social events with their loved ones. They will suddenly start to have an excuse every time you want to go out for a drink or to see a movie, but will probably show up for events where there are no expenses involved.
They have a history of being in debt
Even if you are certain that they have paid off all of their old debts, a “repeat offender” is always at risk of falling back to their habits of borrowing money to cover their expenses. The same goes for people who have a habit of not paying their bills on times and letting the interest pile up before starting to clear their debts.
They are suddenly less talkative and will no longer talk about their finances
Every time one of your loved ones becomes quieter than usual, you should start paying extra attention to them to see if something is wrong. If they are suddenly secretive about their finances, it could be that they are in more debt than they can handle but are simply too proud to admit it.
They are living large, too large
If your friends or family members are constantly buying new toys, phones, clothes or even cars, and it feels like they should not be able to afford it based on what you know about their earnings, maybe it is a time to take a closer look into it. A lot of people throw caution through the window once they receive their first credit card and max it out every single month. As you probably know, debts like that can add up to become insurmountable.
They have recently gone through a major life-changing event
Some of the common life events can bring a lot of financial stress into a person’s life. Be it something really obvious like getting laid off, or moving to a job position that pays less, or something that a lot of people overlook, like having a new baby, or going through a divorce, these life-changing events can lead a person to get a loan and afterward being in a huge debt.
They are spending less money
We are fully aware that this “tip” is incredibly obvious, but sometimes people simply cut down on their expenses on purpose, as a way to gather more money for a fancy trip or to go to early retirement. But, sometimes, they will start spending less money simply because there is no money to be spent. And if they are too proud to tell you they are going through a hardship, you could completely fail to notice the changes in their lifestyle.
They always seem tired or are complaining about being underslept
Sometimes, people will take up a second job to try and climb out of their debts, and this will give some obvious consequences on their lifestyle. If you pay the attention, you could easily notice the signs of them overworking themselves. They will constantly use excuses to sneak out and do some extra work to earn money, but will not always tell you about it.
Also, if they are having trouble sleeping, it could be that the stress is catching them up.
They went through dramatic weight change
If your friend suddenly gained a lot of weight or lost it without consciously trying to do it, then you should see if they are having some stress-related issues. Being in debt puts a lot of stress onto an individual and is there can be stress-eating or stress-starving disorders.
It is up to you to decide if you want to be there for your loved ones when they are going through some money difficulties, we just hope that this article can help you be there for them when they need you the most.
More in Debt
5 Fanciest Hotel Rooms In America
Everyone needs some rest and relaxation every once in a while and America has all that and much more to offer....October 20, 2017
How to Get Your Housing Loan Approved
Many people are not aware of the basic requirements when they try to get a housing loan. They usually jump at...October 20, 2017
Why Is Bitcoin So Valuable?
Bitcoin was launched as an alternative to currency because it has no physical denominations. They only exist inside an interlinked computer...October 20, 2017
Romantic and Unique Celebrity Proposals
Being rich is definitely a fact that can make it a whole lot easier to plan the perfect proposal, but it...October 20, 2017
World’s 5 Most Expensive Cities To Live In
As time goes by, prices are getting higher and higher. For some cities, this has affected how expensive it is just...October 20, 2017
How To Teach Your Children About Spending Money
When it comes to handling money, adults are the ones always responsible because they always know what to do with it....October 20, 2017
4 Basic Rules On Building A Good Credit Rating
You will need a good credit score at some point of your life, and you need to build one early on....October 20, 2017
Top 5 Priciest Divorces In Hollywood History
Marriage is not the easiest decision that you will make in your life and it can get even harder when you...October 20, 2017
Five Golden Money Advice From Billionaire Businessmen
Unless you are born into royalty or to a rich family, you would want to learn how to manage your finances...October 20, 2017