How to be Debt Free
By rakski
@rakski (112925)
Philippines
June 12, 2018 12:53am CST
Hello everyone.
This morning a close friend visited me. She has a big problem and she really needs help. She is also married with three kids. Like me she is a stay at home mom but his youngest is still a baby.
The problem is their debt. They have more than what you can think of. I was shock to know that. Her husband is the only source of income. Their two kids both study in a private school. They just paid a small amount for the kids to be enrolled. No uniform, books and school supplies yet.
Their credit card was used up to the last credit limit. They also have loans with some persons. And her husband with her knowledge used the money that was supposed to be for payment to their company.
My brain was in turmoil of their unlimited problem.
If you were in my shoes, what would be the best thing to say?
17 people like this
18 responses
@ridingbet (66857)
• Philippines
12 Jun 18
that is hard. but when they are through paying their debts, i hope they will learn to spend their money wisely. it is not hard to do. their impulse buying should be in a limit only.
4 people like this
@Jessabuma (31700)
• Baguio, Philippines
12 Jun 18
Ohh that's really hard situation. They should know and learn how to save. It's better to have savings..
2 people like this
@Jessabuma (31700)
• Baguio, Philippines
12 Jun 18
@rakski Was she asking for your help?
2 people like this
@rakski (112925)
• Philippines
12 Jun 18
@Jessabuma well of course, one of the reasons is she cannot handle it and she wish to borrow money too
2 people like this
@hereandthere (45651)
• Philippines
12 Jun 18
talk to the credit card companies, tell them they will stop using the card. ask them to freeze the interest and set up a payment scheme, usually 24 months. for example, their 50,000 debt will no longer earn interest, but they have to pay 4,166 a month. every month they fail, it will start earning interest again.
they should have transferred their kids to public school. i hope they aren't forced to stop schooling, but i guess it could happen.
make and sell something. set up a table in front of the house.
2 people like this
@garymarsh6 (23393)
• United Kingdom
12 Jun 18
They have put themselves in that situation it is not your problem to worry about. They have made these choices willingly.
2 people like this
@rakski (112925)
• Philippines
12 Jun 18
@garymarsh6 yes that is right. I already told her I cannot lend her money as we have allotment for everything. And definitely their debt is not included in that.
3 people like this
@garymarsh6 (23393)
• United Kingdom
12 Jun 18
@rakski Absolutely you do not want to burden yourself with their debt. A good saying is never a lender or borrower be. If you want something save for it buy it and you have earned it. The trouble with people these days is they want everything now and do not consider the consequences. You are very sensible and all you can do is listen.
3 people like this
@mlgen1037 (29886)
• Manila, Philippines
12 Jun 18
I would tell her to cut all their expenses by spending less and avoid buying things they do not need.
2 people like this
@mlgen1037 (29886)
• Manila, Philippines
12 Jun 18
@rakski Thank you, Rakski. Maybe next time.
1 person likes this
@quantum2020 (12040)
• Ciudad De Mexico, Mexico
12 Jun 18
I know what´s like to be in debt. I had a credit card and used it for buying things I needed. I was paying monthly payments to the bank but the debt grew more than I could have thought of. I paid every single piece of money I due toi bank and cancel the credit card. For me, the best thing to get out of debt is to use cash under your posibilities
1 person likes this
@caopaopao (12395)
• China
13 Jun 18
Private schools are usually expensive. If they don't have enough ability to put their children in private schools, It's better not to choose. Because it's too hard for them.
1 person likes this
@caopaopao (12395)
• China
13 Jun 18
@rakski Private schools are better than public schools. If she is rich, that is not a problem. If she has no money, she can only choose public school. Because it is unreasonable to keep borrowing money to send children to private schools.
1 person likes this
@Carmelanirel2 (8084)
• United States
12 Jun 18
I would speak the truth. I have family members who are also in debt and I tell them that if something isn't needed, then perhaps they should purchase that item. Also there are a lot of frugal tips one can find online. One thing I do is make my own laundry soap. Not only is it chemical free, but it saves me money.
1 person likes this
@Letranknight2015 (51499)
• Philippines
12 Jun 18
We have settled by our credit card debt couple of years ago. I'm glad the credit company took pity on her.
This is why I don't use Credit card and then not considered married unless mature and ready.
Nothing I can do for her.
2 people like this
@responsiveme (22926)
• India
13 Jun 18
Get rid of the credit cards.could she look for some way to supplement the family income working from home
1 person likes this
@sw8sincere (5204)
• Philippines
12 Jun 18
she has really a tough problem my friend and if i were you i don't know by what means i could help her..
1 person likes this
@maximax8 (31053)
• United Kingdom
12 Jun 18
They shouldn't send their kids to a private school because they have fees. She should send them to a school that is free. Sometimes school uniform can be bought second hand. They need to write a list of their debts and order them from largest to smallest. I wonder if they could save $1000 for a beginners emergency fund. They should follow a written budget that lets an amount go to the smallest debt and minimum payments on any other debts. Please help your friend emotionally to pay off their debt, manage a budget and build up an emergency fund.
@Debscrochet (1947)
• United States
12 Jun 18
Nothing you really can say. Hope it works out for them.
@saritflor (3914)
• Hungary
12 Jun 18
I think taking help from good friends/family, until they can get handle this by themselves.
