How to Help a Friend Out of Debt

How to Help a Friend Out of Debt

…By Khurram Alley for TDPel Media. When life gives your friends lemons, you give them lemonade. But when life gives your friends debts, it’s a little harder to whip up a quick solution in your kitchen blender. After all, unless you’re hiding a secret money tree in your backyard, you can’t exactly pay off their bills. However, you can definitely help a friend out of debt with some careful planning and plenty of tact. Buckle up for a rollercoaster ride through the land of IOUs, and remember, keep your hands and feet inside the vehicle at all times!


For the Love of Money

First things first, take off those judgment goggles. Debt can happen to anyone – from overenthusiastic collectors of antique rubber ducks to those just trying to make ends meet. The important thing is that you’re there to support them, not to audit their past financial decisions.

In comes the power of information and the potential benefits of debt settlement services. These professionals are like financial superheroes who can help negotiate lower overall debt and create manageable payment plans. No, they don’t wear capes, but with their powers, they might as well do!


  • Foster empathy and understanding, highlighting that many people struggle with debt.
  • Investigate various Debt Settlement Services, understanding the benefits and drawbacks of each.

Game Plan: Operation Debt Rescue

Approach your friend with a game plan. When it comes to wrestling the debt monster, preparation is key. Consider a sit-down conversation over a cup of home-brewed coffee (because remember, we’re budgeting) to discuss possible strategies. Ensure to maintain an atmosphere of open dialogue where they can express their concerns and hopes.

  • Brainstorm different strategies for debt resolution with your friend.
  • Be patient and understanding during these discussions, as talking about debt can be stressful.

Crunch the Numbers: Bring Out Your Inner Mathematician

Time to bring out those high school algebra skills. Create a budget by listing down all income sources, fixed costs, variable costs, and the dreaded D-word – debts. This may seem like a daunting task, but fret not, we have apps and tools for that. Just remember to double-check the calculations. You wouldn’t want your friend to end up thinking they owe a debt equivalent to the national GDP!

  • Use free online tools or apps to make the budgeting process more interactive and engaging.
  • Keep track of your friend’s progress towards their financial goals to maintain motivation.

Debt Avalanche or Debt Snowball


Now, which method to tackle the debt? The Debt Avalanche, where you tackle the highest interest debts first, or the Debt Snowball, where you start with the smallest debts to build momentum? It’s like choosing between a spicy chicken wing eating contest and running a marathon in the Sahara. Both will make you sweat, but each provides a unique thrill!

  • Assess the overall debt situation to determine which method may provide the quickest results.
  • Use visual aids to help your friend understand the difference between Debt Avalanche and Debt Snowball.

Emotional Support: The Secret Sauce

One crucial ingredient in this complex debt-eliminating recipe is emotional support. Be there when your friend needs to vent about the pile of bills or celebrate the tiny victories, like not buying that unnecessary, glittery unicorn lamp.

  • Be mindful of your friend’s mental health, as dealing with debt can often lead to stress and anxiety.
  • Remind your friend of their progress and achievements, especially when they’re feeling overwhelmed.

Know When to Hold ‘Em, Know When to Fold ‘Em

Finally, remember that it’s their journey and you’re a companion, not a commander. You’re there to provide support and guidance, but the final decisions lie with them. Encourage them, cheer them on, but also know when to take a step back.


  • Respect boundaries and let your friend make the final decision on matters related to their debt.
  • Stay flexible, being prepared to adjust your approach based on your friend’s comfort level and readiness.

To round things up, the path on how to help a friend out of debt is laden with complexities. Still, with a healthy dose of patience, a sprinkle of financial literacy, and a heaping scoop of emotional support, your friend will be making strides towards financial freedom in no time. And who knows? Maybe they’ll even buy you a lemonade once they’re out of the red and into the black!

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