What to Do If You Are the “Family Bank” of Your Family

The economy has affected most everyone today to one degree or another, and has put financial strains on families across the country; people are trying to cope with debt management issues in their day to day lives. The rising unemployment rate has created another set of problems for Americans to deal with, the unemployed relative less fortunate than yourself.

It is said that in times of trouble or turmoil, you can always rely on family to be there for you in your time of need, you know blood is thicker than water and all that, but this economic meltdown is putting some families to the test.

In every family there may be one family member that is much better off financially than the rest, who is often counted on to help out a needy family member with a loan, or assistance of some kind. It is wonderful to have a close knit family that you can count on in troubled waters right? Not if you’re the one the family always comes to for assistance in paying their debts.

If you’re the one who has been prudent and practiced good debt management in your family and are constantly being asked to help out one family member or another with their reducing debt problems, the time may have come for you to learn to say NO.

That may sound harsh, but consistently bailing out your loved ones out of debt isn’t necessarily healthy for them or you. Loved ones that continuously struggle with debt management are in need of more than your cash, they need a good credit counselor to help them to manage their debt properly and live within their means. Practicing good debt management is a healthy sign of growth and independence and something we all must achieve not just some of the chosen few.

the-family-bankManaging your money wisely is a sign of emotional maturity and stability, and while receiving money from a relative to pay your debt may seem like the easy solution, in the long run is the worst thing you can do for your own personal growth.

On the flip side, being the “more fortunate one” that family and friends come to for debt assistance can be very detrimental not only to your bank account, but also to your health and well being. Feeling as if you are the family bank can instill feelings of anger, resentment, and hurt feelings from the feeling of being used for your money, all of which can be very bad for your physical and mental states.

The best gift you can give yourself and a needy family member is the phone number for a reputable credit counselor that can help your loved one back to reducing debt and living within their budget.