What should I do if I know somebody who has a debt problem up in this very difficult year where businesses, individuals, people is suffering?
I think first and foremost we should wish everyone a wonderful New Year and we hope that the New Year is full of changes that are better for everyone. We’d hate to say a change that’s going to make it worse for someone yet. So we make a change. We’re making the change, and we’re doing it with the hope that people’s lives get better. So what do you do if you have someone you know as a debt problem?
It’s very difficult in a time where you have expectations on you. But the New Year coming in, you have to keep up appearances; you have to keep happy, smiling. And a lot of people are suffering within because they have these demons in their closet, as you want to call them, more deaths which keep niggling them in the background. With the covid-19 situation, I think a lot of you would probably want to feel comfort that actually there’s a virus around and therefore the banks aren’t going to chase me.
So the first and foremost thing understands the psychology of the person you want to help someone who has debt issues. What is it that motivates them? What is it that holds them back from sharing this most valuable bit of information that they are in debt problems?
Sometimes it becomes very difficult for somebody to acknowledge things which are open and apparent because of the stigma it will cause them. So then we need to be very sure how the individual thinks about that. What he thinks about it. How open is he someone close? Are they sharing that information with you? Are you being made a part of your subject to those feelings that they’re going through, or is it just merely a mathematical equation?
You’ve been given that they are out of pocket and they need money, sold certain problems and they borrowed money from you.. If somebody actually borrowed money from you and you know that they’re in problems because they borrowed the money on you and they’ve not been able to return you, some people would say it’s probably willing to let them be at their own.
They created a mess that sorts it out. Others may have a different opinion. But ultimately there is an angle on debt that requires people to acknowledge that there is a psychological impact when people are in debt and that psychological impact can affect their ability to work, to focus on work, to be a productive member of society. You can even cause depression, severe depression when a person you know has death problems. Be careful on who you trust!
Let’s first classify debt problems. Well, an individual accumulates debt once they borrow money without planning.