Managing Debt

Financial Planning, Budgeting, Safe Spending, Paying Off Loans, Family Finance, Banking, Credit Card Debt, Personal Debt

In This Guide:

There are millions of Americans that are currently in debt, and we're not talking a few hundred bucks. When you combine student loans with car payments, mortgages, credit cards, and the everyday essentials like gas and groceries, it's no wonder that people can easily accumulate debt of thousands and thousands of dollars. Debt is a very easy and common problem to stress about because it has a direct affect on your plans for the future, and in most cases people feel stuck or commonly refer to themselves as "drowning in debt." Outlined in this guide are a few recommendations to constructively talk about managing debt. 

He or She Might Be Thinking About...

  • How did this happen?
  • I don't know how to get started paying off my debt.
  • Can my bank do anything to help?
  • Which debt should I pay off first?
  • How can I save for my future and retirement?
  • I can't afford to do anything fun.
  • Should I sell my car?
  • I think I need to go talk to a banking and finance specialist. 
  • How do I get out of this hole?
  • How much of my paycheck should be allocated to debt?
  • Should I get a second job?
  • Should I take out a personal loan to payoff my debt?
  • How do I know what type of personal loan to apply for?
  • Who should I contact to lower my interest rates?
  • Should I ask my parents/family for help?
  • I'm so embarrassed. 
  • Does Dave Ramsey's philosophy really work?
  • I need to create a clear and precise bill payment calendar.
  • My goal is to be debt-free in "x" amount of months/years.
  • I can't afford gifts for my friends and family for the holidays or special occasions. 
  • I'm tired of people offering me money and trying to pay for things.

Words That Might Be Encouraging

  • I don't want to invade your personal space and finances, but I'm here if you need a friend to talk to.
  • Tough times don't last forever. Keep pushing!
  • Let's stay in tonight and binge watch some TV.
  • I support you!
  • I'm not really qualified to give you financial advice, but I have a close friend that is a personal finance manager. I'm going to send you his/her contact information in case you ever want to reach out to someone. 
  • Your friendship matters the most to me, not going out and spending money.
  • I truly enjoy our conversations and spending time with you.
  • I want to help you relieve some stress. How would you like me to help?
  • I have a new recipe I want to try out. When is a good night to come over and bring you dinner? 
  • I'm so proud of you for making your financial situation a top priority. Keep up the good work!
  • The best birthday present you could give me is to spend the day with me. I enjoy your company.
  • A little bit of progress is better than nothing at all. Keep moving in the right direction.
  • Have you talked to your financial advisor at the bank? I'll gladly go with you if you'd like. I have a few financial questions myself.

Words That Might Be Discouraging

  • What's your total amount of debt?
  • How do you spend that much on credit cards?
  • Good luck getting all that paid off!
  • Do you need to borrow some money?
  • You're never going to get everything paid off.
  • If I owed that much in student loans I probably would have just skipped college. 
  • You should probably start selling some of your stuff to get the extra cash.
  • Is your car paid off?
  • I would feel guilty spending money on anything fun or unnecessary.
  • What do your parents think of your financial situation?
  • Do you want me to teach you how to do a monthly budget?
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