Handling debt is never easy. When you see someone from your family reeling under the problems of debts, it is always a matter of concern. However, unless they come to you seeking some direct assistance, there is nothing much for you to do. Moreover, you will never want to intervene in a personal matter, as it might hurt the sentiment of the affected individual. The fact of the matter is debt can happen to anyone. Quite often, discussing financial matters outside the family is considered to be a taboo subject. Even if there comes a time, when the individual do seek your assistance, then it may seem appropriate to say "No". This is because if you fail to abide your commitment, it may have a negative impact on the relationship.
Debt management is at best a complicated procedure. Even if you do provide some valuable advice, it might not be appropriate for the borrower in general. In this regard, what you can do is to ask them to seek professional assistance. There are organizations who are primarily interested in serving the needs of those looking for effective ways to overcome the problem of debt. These organisations employ financial experts, who will look into the circumstances and provide free and unbiased advice, which really works. However, it is always preferable to seek multiple opinions. Some organisations may ask for some money, but if the suggestion does work, then there is nothing wrong in it.
What You Should Do As a Concerned Parent?
Let’s assume your child is going through a similar situation. As a concerned parent, what should be your role than? The problem of debt is not something that can be resolved at a short notice. It requires patience and timely assistance. Of course you must be supportive and at the same time, your willingness to carry on despite all the major setbacks is one of the key aspects. Why not provide the funds required and all the problems will be solved? But you must desist from taking such extreme steps. Indeed your child is suffering from the problems related to debt.
However, they are also getting an opportunity to understand the real value of money and its effective management. Treat this phase as a "learning curve" and allow them the time and space where they can evaluate their mistakes and correct them. Once they start working to clear the debt, it will provide them the satisfaction of doing something worthwhile. If they are in a position to clear the debt on their own, the chances of them getting trapped in debt in the near future are almost unlikely.
Debt should never be treated as a financial issue. There is more to it than what you see. Therefore, the solutions are wide and varied. Hence you have to take all the factors into consideration, before giving any sound advice.