Talking to a Friend with Financial Problems

Posted by on Jun 29, 2018 in Bankruptcy Law | 0 comments

One of my closest friends recently approached me with a problem. I knew he had had some health issues in the past, so I expected that something might have come up regarding his health. Also, his parents were getting older, so I was cautiously expecting the worst. He walked up to me and hesitantly told me that he was having some serious financial problems. He did not ask me for any money. He did not ask me for any help. I think he just wanted someone to talk to, and as a close friend, I was very happy to listen.

As this article explains, financial troubles are extremely difficult for those involved, like my friend, because individuals in debt are often hounded by creditors. My friend, particularly, told me how this one person he owed money to would not stop calling. He said he called him almost every single day looking for his money, and sometimes, he would show up knocking on my friend’s door. Of course, my friend was doing all he could to get the money, but this guy continued to pursue. It was unfair, and unjust, especially considering my friend’s medical history. His past medical complications have caused him to accumulate a lot of debt, but of course, this reckless creditor did not care about that nor my friend’s health. What he only cared about the money was owed.

I was worried that this harassing creditor might go out in public and tarnish my friend’s good name. Again, this sort of misconduct was unacceptable and morally reprehensible. Like my friend, people in debt are in a vulnerable and stressed state. It is unfair to have harassing creditors constantly on your back for money. It’s even worse if these same creditors go out and injure your reputation, or if they cause harm to your credit score.

The last thing someone going through financial troubles needs is to have a worse credit score caused by the conduct of a harassing creditor. For those who don’t know, the lower your credit score, the less likely lenders are going to lend you money. Also along the lines of borrowing, a better credit score means that you may get a better interest rate on a loan. Moreover, the worse your credit score, the higher your initial deposit might be for things like an apartment or cable service. The point is, if you are already in a tough financial situation, having a bad credit score can be especially damning.

I’m glad my friend chose to tell me about his tough financial situation. I’m even gladder he told me about this harassing guy that he owed money. I could tell by the look on my friend’s face that simply telling me about his situation made himself feel so much better.

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