How Do You Hold a Debt Intervention?
April 5, 2007
Thanks everyone for your feedback on the credit card debt vs. emergency fund post from yesterday. The consensus seemed to be that not paying down the credit card debt was foolish but with the caveat that the couple should address the spending problem that amassed the 10K debt in the first place. Another common suggestion was that they keep a few thousand of the emergency fund around for a rainy day.
The next question is what’s the best way to stage a debt intervention for this couple? How do you bring up the subject of debt reduction to a friend? It is obviously a sensitive issue, one that could erupt into an ugly scenario depending on their reaction. In this situation the friend brought up the debt in the first place and even asked for advice so she wouldn’t be addressing the issue “cold”.
This is a tricky situation. You don’t want to make a scene or hurt their feelings because you value their friendship; however, as their friend you want what is best for them. Obviously carrying a load of credit card debt is not in their best interest. Have you ever been in this spot before? What are some ways she can address the debt problem without coming across as too pushy or intrusive?
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