The do’s and don’ts of helping a friend in debt.

A Friend in Debt Needs Your Support, Not Your Charity!

A Friend in Debt Needs Your Support, Not Your Charity!

Being in debt is an emotional rollercoaster that seems to go on and on. Sometimes, it’s a daily struggle. The do's and don'ts of helping a friend in debt.

Debt can kill friendships – or at least make them incredibly rocky for a variety of reasons. I have friends in three categories: in debt and making repayment, not in debt, and in debt but totally unfazed by it. Naturally, my relationship varies with each friend, depending on the person’s situation.

Since I’m open about my desire to be debt-free, I usually have no problem telling others about my difficulties and what I can and can’t do. In discussing my situation, I’ve gotten a range of responses from my friends:

“You have 10 years to pay down your student loans. Calm down and enjoy life.”

”You’re going to stress yourself out.”

“I don’t know why you’re so cheap.”

“You talk about money too much.”

“You sound like an old lady talking about retirement.”

Last year, when I asked for birthday money to put toward paying off my student loans, I got a few weird looks in return.Click To Tweet

Now, you might be thinking that I need some new friends ASAP. But these are just a handful of the most extreme responses from only a few people. The majority of my friends and family are pretty supportive of my debt-repayment journey. I know that no matter what people think or how they react to my plan, I’m doing what’s best for me – and so should you.

If you have a friend who’s in debt or going through a hard time financially and she is taking huge strides to improve her situation, you need to be sensitive to the fact that she’s doing something extraordinary and life-changing. Working to get out of debt is a huge deal.

While many people are on a quest to become debt-free, many others aren’t. They are still comfortable spending on unnecessary items and going further into debt to finance their lifestyle.


Can you really go out to dinner when you know that you owe someone $30,000? Can you “live it up” when you are facing a 10-year repayment plan?

It can be disturbing to open your Facebook or Instagram and see all your friends traveling, buying houses, and experiencing new things when you’re saving every cent to pay off loans.

Your friends who are in debt know first-hand that making impulse purchases and going on vacations that they can’t afford will only offer a temporary sense of happiness that will soon fade away when the bills start to pile up. But shouldn’t they have a life at all? Should they stop living just because they’re in debt? My answer: No.

On the contrary – people who are on the long journey to debt freedom have every right to have some fun. But having fun doesn’t need to be expensive.


For those who still want to have a little fun while paying off debt, Ebates and Groupon can help save a little money on the occasional night out or just-for-fun purchase.

What they need are some good laughs with friends and the feeling of being appreciated and supported. Let them know that they aren’t alone on their journey.

You can be a better friend to someone who’s in debt by:

  • Offering solid support and trying to be sensitive to what she is going through so that you can react better in certain situations.
  • Inviting him over for a meal or potluck instead of inviting him out to dinner each week.
  • Not putting pressure on her to make big purchases just to fit in.
  • Not lending money to him (he needs your support, not your charity).
  • Respecting her choices and keeping any negative comments to yourself.

Having a friend who is eager to get out of debt can be an interesting and insightful journey for you, as well. And good friends will remember and reciprocate the support you gave them if and when you need their support someday.


Still working on paying off your debt, but want to save for a rainy day, as well? Apps like Stash Invest can help you start investing with small amounts that won’t waylay your path to debt payoff. Hey, maybe that interest that you earn will even help you pay off some of your debt down the road!


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