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How You Can Help Others That Are in Financial Trouble

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Anybody can be stricken with the plight that is financial trouble, absolutely anybody. And, if it were you that were stricken with it, you’d want others to help you out in regards to it, wouldn’t you? Yes, you would, and that is why you should always go out of your way to help others who are stricken with it.

 

To see just what you can do to help others when you know they they are suffering with financial problems, make sure to read on.

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Help them financially

Of course, the first thing to do when you see somebody struggling financially is to provide them with the sum they need to sort their problems out. But, this doesn’t have to necessarily mean the whole sum. No, whether this be 100% of the amount of money they need to free themselves of their debt, 50% of it or just 10% of it, whatever you give them will be a bonus and will go some way in assisting them in beating their financial problems. The point is, don’t be afraid to help someone financially, but don’t put yourself into your financial trouble by doing so.

Give them advice on professional lending companies

If you can’t gift or borrow your friend the money they need to beat their financial affliction, then give them advice on where they can get the money instead. Specially, give them advice on professional lending companies because they provide a host of borrowing options, one such option being the payday loan. But, just make sure that when you give them this advice that you also tell them that they will have to pay any money they borrow back by a deadline and with interest.

Co-sign on a bank loan with them

If your friend or family member is looking to take out a loan from their bank but has thus far been refused because of their poor financial status or because they have bad credit, then it could be a good idea for you to co-sign on the loan with them. By doing so you will be allowing your friend to utilise your good credit score and reap the benefits of it. But, when doing so, just know that should your friend, for whatever reason, fail in paying the loan back then it will be down to you to do so. So, trust must work both ways in this venture — trust on their part for you co-signing in the first place, trust on your part that they will not leave you high and dry to pay off the loan in the end.

Help them draw up a budget

Sometimes, budgeting is so difficult when we do it for ourselves because its hard to see past what we want to spend on our money on in order to see what we need to spend it on. But, by offering your friend the outsiders perspective you might just provide them with the budgeting support they need to cut their budget right down. More to the point, you might just provide them with the clarity they need in regards to knowing what they want to spend on, and what they need to spend on.

Find them some employment


Of course, the best way to beat a financial problem and get that cash flowing flowing steadily again is to find employment and reap the benefits of the financial stability it provides. So, if you’re lucky enough to be in contact with somebody looking to hire somebody, or if you, yourself, own your own business, then make sure you are doing all you can to help your friend find a job. Or, if you do not have contacts in these ways, then simply sit down with your friend and make sure they are applying for a plethora of jobs every day.

Offer or find them emotional support

Sometimes, financial difficulties extend way past being just little money troubles. Yes, sometimes it’s not just a person’s personal finances that are negatively impacted by financial trouble, sometimes it’s the person themselves. Specifically, sometimes, a person that is going through a rough patch with their finances will have their wellbeing, their health and their emotional state be negatively impacted by their financial plight. And, if your friend were to be experiencing the denial, anxiety or depression of such a state, then it would be down to you to find them a professional non-profit credit counselling service to help them out, or to seek to help them out yourself. Seriously, by doing so you might just save their life.

For more advice on how you can help others who are suffering with financial problems, make sure to head here.