Helping Loved Ones With Debt Problems
Provide solutions instead of loans to assist those in need
For Immediate Release: August 8, 2002
ROCKVILLE, Md. — Watching a friend or family member struggle with money problems can be just as frightening as going through them yourself. "The pain, frustration and stress caused by a loved ones' spending issues can disrupt every aspect of daily life", said Steve Rhode, president and co-founder of Myvesta, a financial health center. "It can cause depression and inaction, which ultimately makes things worse for anyone close to the problem."
When trying to help a loved one overcome severe money issues, Rhode says that loaning money will only delay the inevitable and possibly contribute to the dysfunctional money behavior. "By loaning money you may think that you are helping a friend in a time of need, but in reality you are allowing the patterns of debt to continue. The loan may provide temporary relief, but next month they will be right back in the same situation."
According to Rhode, money problems, whether they are compulsive shopping, out of control spending or money mismanagement, are signs of deeper life issues, and until those issues are addressed the problems will only continue to get worse. "Constant money abuse isn't like a water faucet that can be turned on or off, just saying your not going to spend money isn't going to work," Rhode said. "Complex problems require comprehensive solutions and the best way to assist a loved one in need is to help facilitate a total recovery by assisting them to get professional help."
Rhode added, "The best thing you can do is to be there every step of the way. Loving support and a shoulder to lean on is what someone needs when going through tough times. Be a part of the solution with the help of a professional, and be there when the person you care about needs you most."
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MyvestaSM is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.
