Watching someone get into debt

twi1ight

What can you do when you know someone is living beyond their means?

I am talking about a family member who lives extravagantly for their level of income and has already admitted to large CC debts. The CCs "should" be paid off soon with a lump sum they will be getting but they will also very shortly be taking a huge drop in income for a career change but the lifestyle hasn't changed one bit (and doesn't look like it's going to). I don't know what to do Should I try and confront them? Or wait in the background and be there to pick up the pieces?

tealady

Hi. Until someone has had their lightbulb come on there is nothing you can do. Spending (and the debt that can go with it), I feel is a bit like any addiction, the only person who can really help them is themselves as they must want to stop spending.

twi1ight

Thanks tealady. I thought that would be the case. It's just so frustrating to watch.

Uptomyeyesindebt

A friend of ours tried to point out that we were living beyond our means a couple of years ago. In the end we never told him when we spent any money as we knew he wouldn't approve! We resented his interference.

I only had my lightbulb moment recently, but I would agree, it's like being an alcoholic, until you admit to yourself you have a debt problem no one can help you.

tealady

Try showing them the snowball calculator, I understand its a real eyeopener. Some people (me included) never seem to get a grip on money.

tealady

Try showing them the snowball calculator, I understand its a real eye opener.(Oops having problems posting tonight, think it might be bedtime)

twi1ight

I think I'll sit on the sidelines for now and be ready for it when it comes. I may mention the snowball calculator if the right time pops up. I already keep mentioning how much I use MSE in the hope that they will take a look.