Warning signs of debt stress and what to do

By: Darrell Castle

I read a very powerful piece online this week. The story was written by a son who had learned a valuable lesson from his dad’s death.

“According to his death certificate, my dad died of myocardial infraction, otherwise known as a heart attack,” the article begins.

Later in the article, Jeff Rose claimed however that it wasn’t his dad’s heart that killed him, but rather his debt.

His dad had an awful spending problem, racking up credit card debt “faster than a NASCAR driver at Daytona.” Jeff saw the signs too, but never had the courage to confront him – one of his biggest regrets.

Now, he’s sharing his realizations and mistakes so that others can maybe save their loved ones from financial stress before it’s too late.

Here are some signs he says to watch out for:

1. They’re constantly fretting about how they will pay bills
2. They use credit to pay for credit
3. They frequently borrow money – sometimes from you

Have you seen any of these signs with your loved ones? If so, maybe it’s time to confront them or take action in some way. It’s a difficult thing to do, but it’s the right thing to do.

Jeff offers three tips on how to help your loved one when they exhibit the signs above:

1. Gently confront them with your concern
2. Stop enabling them
3. Offer real help

Those are all great tips. Are they easy? Not at all – but they’re worth it. It’s worth the time and awkwardness to confront your loved ones who’re struggling financially, mentally and emotionally. They’re trapped in their own bad habits and need someone to come into their situation and help them by offering a fresh perspective. That doesn’t mean enabling them by loaning them money – that’s not going to solve the problem. The root of their debt is bad spending habits and a lack of control.

What your loved one really needs is a fresh start, and this is where I’d like to add a fourth option to Jeff’s tips.

By filing for bankruptcy, you can start fresh by discharging all of your debt through a Chapter 7, or lumping all of your debt into an affordable 3-5 year repayment plan. You’re then forcefully attacking the problem of debt, and once the process is over, you have a clean slate and can begin spending the RIGHT WAY.

At Darrell Castle & Associates, we don’t want to only help you with your bankruptcy, but we want to give you the tools to succeed when it’s finished. That’s why we offer our clients free access to the online credit restoration course, 7 Steps to a 720. This course will teach you how to re-establish and rebuild your credit to an A rating.

If your loved one is struggling with debt, talk to an experienced bankruptcy attorney. For a bankruptcy attorney you can trust, call Darrell Castle & Associates. We’ve been awarded multiple Client Distinction Awards from Martindale-Hubbel for client satisfaction, so I can assure you that you’re in good hands.

Call (901) 327-2100 today to schedule a free financial consultation, or fill out one of the contact forms on this page.