Hi everyone,
I hope that you all are having a wonderful day, full of blessings and in good health. I resume my activities on steemit and this time I would like to double post in Hive and also some other forks which I will try to get a hand on. I'm not sure which platform is more active or where the genuine people resides now. I will give this post a try on both and then come up with the results and do an honest comparison.
Anyways the post today is dedicated to a problem many of you might face, debt. In other words, spend more than you can earn and keep doing so for a period of time that you cannot longer repay or meet ends by the end of the month. This is sort of a personal story and I would like to mention that is not my current situation but one that a friend of mine told me.
After getting to know that a relative was deeply in debt that the person could not longer pay and most likely end up with some legal issues and even getting blacklisted on financial institutions, my friend tried to rescued the relative by assuming the debt and trying to create a rescue plan where the relative would be able to survive and ideally do not get into more debt. It is specially easy for some to assume that a person could do something to earn more, have 2 jobs or get into something to create few extra bucks.
But let's keep on the storyline and imagine that the bad debt was transformed into not so bad debt and reduce the amount needed to repay per month so ideally the relative of my friend would have some room to improve its economic perspective and get out of debt slowly. Let's face it you can get into debt faster than you get out and it is even harder to build wealth that can actually persist over time and produce some benefit in the longer run. With that said, I would imagine my friend felt that he was doing the right thing but just like free money, no one really cares when you are not paying or suffering for the hard earned money, not even to mentioned the months or even years that my friend put down to save some money and start to build his money nest.
Anyways imagine the emotional struggle then my friend's relative stopped committing to re-pay monthly and even stopped communicating, isolating my friend and he really got upset about that situation. Who will judge him if in the future that relative was again badly into debt and he refuses to help?
What would you do? What else can my friend have done? How would you approach such a situation? What are your tips?
Let's please engage in a health financial conversation.