Struggling With Debt? Why You Should Let Your Friends Help

Written by on April 19, 2013 in Money - No comments | Print this page

|

The answer to ‘what are friends for?’ is not ‘to pay off your debts’. In fact I’m pretty sure that’s a rhetorical question and another saying ‘never mix friends and business’ suggests that maybe you shouldn’t ask your friends for money at all…

That said though your friends are there to help, so if you find yourself struggling financially or facing serious debt then you shouldn’t be too proud to ask your friends for assistance. And that doesn’t just have to mean asking them for money either. Here we will look at some of the ways that your friends can help you with money…

Lending

3D Realty Handshake

It doesn’t just mean asking your friends for cash, but it can also mean asking your friends for cash. If you only need a little and if you’re really struggling, then most of your friends shouldn’t begrudge helping you.

If you are worried about things being awkward between you, then just make sure that you set up the loan in the same way that you would manage a bank loan.

In other words this means a set repayment schedule that you stick to rigidly until the cash has all been paid off. Put this in writing and make sure that you don’t let yourself make any excuses until the money is back in their account.

Support and Advice

Advice

Your friends are a great source of support and advice and this is something that should never be underestimated. Unfortunately many people who struggle with debt will end up feeling embarrassed and ashamed of their situation and this can then prevent them from even telling anyone about it.

Don’t be secretive – tell your friends. They can not only make you feel better, but maybe also give you advice from their experience that turns out to be helpful. Better yet, if you have a fried who happens to be a financial advisor or an accountant, then make sure that you take advantage of their expertise.

Favours

If you don’t want to ask your friends for money then you can still get financial aid in other, less vulgar ways. For instance if you’re considering giving up your car but you need it to get to work, perhaps you could ask a friend who drives past your house every morning if you could hitch a ride? You can even pay them some petrol money and it will still be cheaper than paying for your own car on top of all the petrol.

Teaming Up

Likewise you can also just team up with your friends. Even if you keep your car, doing a car-share is still financially beneficial to you and your friends and if you want to take this even further you could even consider going in together on a house which would save you a huge amount of money and maybe mean can could afford a property when you otherwise wouldn’t be able to.

But When the Going Gets Rough…

While your friends can help though, you shouldn’t burden them with your problems when things get really bad. If you’re in serious debt then just make sure that you know your options whether that’s affordable bankruptcy or loan consolidation.

Featured images:

Andy Hudson is an investment banker with a leading bank. He has significant interest in financial issues and often shares his views on his blog. He also likes reading and cycling in his spare time.

|

About the Author

Guest Blogger

This article was written by a guest contributor. You will find their details at the bottom of the post. To submit your own Guest Post to our website, please visit our SUBMIT page for details about adding your article.