What can you do if a close person becomes addicted to debt? Omnipresent consumerism and access to all kinds of goods often forces us to make ill-considered financial decisions, the effect of which is very often getting entangled in the so-called spiral of debt. What does it mean to be addicted to debt? LOANDO Group explains how to deal with this problem in a piece for interia.pl.
In a situation when a close person falls into debt which was needed in order to repay the previous debts, it is worth considering a therapy session with a specialist. Another, maybe a more radical solution, is also to cancel the identity card of such a person, but it is a long and tedious procedure. One of the most important aspects, however, is financial education from a young age.
Marcin Sikora, LOANDO Group CSO, commented: Responsibility for passing such knowledge lies both with parents, schools and financial institutions. Long-term bad financial standing and its effects may be the most problematic. Just entering the person into the BIK [Loan Information Office] type database can make one’s life difficult in the future, but carrying out such measures as incapacitation or cancelling one’s identity card may become a barrier not only when we want to borrow money, but also in many everyday situations where we need a personal identity card to function. Breaking taboo in regard to talking about finances may not save us from risking getting entangled in the spiral of debt at all, but it will surely reduce such risk. And for this reason we have been working a lot in order to educate our consumers for years.
You can read more about the problem of addiction to debt in the LOANDO Group piece on interia.pl (click here).