Connect with us

Latest

Millennial Money: How to help loved ones deal with debt

Avatar photo

Published

on

Millennial Money: How to help loved ones deal with debt

Juan Pinon, an electrical engineer in McAllen, Texas, struggled with credit card debt for years. It wasn’t until he confided in his sister that he began to turn things around.

“It just so happened that one day I opened up to my sister, and she confessed to me that she had debt issues and was able to get out through professional help,” Pinon says.

Getting a vetted referral to a nonprofit credit counseling agency and encouragement from someone he trusted convinced him to take action. Pinon enrolled in the agency’s debt management program and paid off about $50,000 in less than three years.

It’s difficult to watch people we care about struggle with debt. Debt can disrupt their financial and personal lives, as well as the lives of those around them. As a close friend or family member, your influence can be powerful enough to spark change. How can you help others avoid falling further into debt, especially as the expensive holiday season inches closer? Here’s what you can do to help a loved one deal with debt.

PROCEED WITH CAUTION

Unlike Pinon, people with debt won’t always raise the issue themselves. Bringing up someone else’s personal financial matters can feel like overstepping a boundary. If you think it’s important to intervene, be strategic about setting the right tone.

The first step should be asking if they’re open to the conversation, says Kathryn Ellywicz, a marketing and communications specialist and former counselor at GreenPath, a nonprofit credit counseling agency. Giving them a choice may prevent them from feeling ambushed.

If they’re willing to discuss their debt situation, speak kindly and withhold judgment. “A lot of times, our family members feel shame around financial debt. So it’s a conversation that needs to be entered into very carefully,” says Brandy Baxter, an accredited financial counselor in Dallas. “It needs to have a lot of grace, and it needs to be in an environment where the person feels relaxed.”

Advertisement
Submit your 2022 Austin Neighborhood Feedback

If you’ve been in a similar position, consider telling your loved one. Drawing on your own experience with debt and acknowledging the emotions involved can help you come at it from an empathetic place.

“We can use ourselves as an example to say, ‘Hey, I was there, I understand. I’m not trying to put you on the spot. I myself went through this embarrassment. Please let me help you,’” Pinon says.

RESPECT THEIR REFUSAL FOR HELP

Your friend or family member might shut the conversation down. That’s OK.

“Debt can be addictive, just like any other addiction. The person that’s in the cycle may not see anything wrong, and so they may not be ready for help,” Baxter says.

Ultimately, you have to accept that it’s their life and their decision. Let your friend or relative know you respect their choice and you’ll be ready to help if they change their mind.

Baxter says you can also use this as an opportunity to reset boundaries. If you’ve been providing financial support for them and no longer feel comfortable doing so, explain the circumstances and ask them to respect your decision in return.

SHARE KNOWLEDGE AND RESOURCES

If your loved one is ready to dig out of debt, help them take the next step. You can talk to them about the emotions that might be influencing their spending behavior, explore different debt payoff methods or look over their expenses.

Advertisement
Submit your 2022 Austin Neighborhood Feedback

“Maybe you come together and say, ‘OK, here’s how I do my budget. Let’s work on how you do your budget. Or here’s how I’ve set up my spending plan. Let’s work on setting your spending plan,’” Baxter says.

But not everyone feels comfortable letting their friends and family dig into the nitty-gritty details of their financial lives. Besides, not all of us have the necessary expertise to take a do-it-yourself approach.

“Of course, there’s always the professionals available to help,” Ellywicz says. “Sometimes, even just giving a referral is a lot of help to a family member.”

Come prepared with a list of trustworthy resources, such as online tools, nonprofit organizations and financial counselors. (Nonprofits, such as credit counseling agencies, typically offer lower-cost or free services and meet certification requirements for quality and ethical standards.) Then, pass along your recommendations.

Here’s a start: The Association for Financial Counseling & Planning Education offers free virtual financial counseling and coaching sessions. If your loved one is struggling to pay bills or afford basic necessities, they can call 211 or visit 211.org to find local assistance.

SET HOLIDAY EXPECTATIONS

As the holiday season approaches, your loved one may feel increased pressure to splurge. Do your part to not add to their existing debt and discuss keeping plans simple.

Baxter suggests looking for alternatives to gift-giving that will “lessen the financial burden,” such as volunteering to host a special dinner or exchanging gift cards with a set dollar amount.

Keep the momentum going and check in with them throughout the year. Debt payoff is a journey, and the journey may be a little easier with you by their side.

Advertisement
Submit your 2022 Austin Neighborhood Feedback

_________________________

This column was provided to The Associated Press by the personal finance website NerdWallet. Lauren Schwahn is a writer at NerdWallet. Email: [email protected]. Twitter: @lauren_schwahn.

RELATED LINKS:

NerdWallet: What is debt and how to handle it https://bit.ly/nerdwallet-what-is-debt-and-how-to-handle-it

Association for Financial Counseling & Planning Education: Find an accredited financial counselor https://findanafc.org/home/pro-bono/general/

Read More

Continue Reading
Advertisement
Click to comment

Austin Local News

Remember last year’s Memorial Day travel jams? Chances are they will be much worse this year

Avatar photo

Published

on

Remember last year’s Memorial Day travel jams? Chances are they will be much worse this year

The patience of Memorial Day weekend travelers was tested Thursday by widespread delays across the country, but there were relatively few canceled flights, raising hopes that airlines can handle bigger crowds expected Friday.

By early evening on the East Coast, more than 6,000 flights had been delayed Thursday, with the biggest backups at the three major airports in the New York City area and Dallas-Fort Worth International.

 

 

 

 

 

 

Pasha Pidlubniak waits for a domestic flight at Miami International Airport, Thursday, May 23, 2024, in Miami. A record number of Americans are expected to travel over the 2024 Memorial Day holiday. (AP Photo/Lynne Sladky)

 

Advertisement
Submit your 2022 Austin Neighborhood Feedback
Pasha Pidlubniak waits for a domestic flight at Miami International Airport, Thursday, May 23, 2024, in Miami. A record number of Americans are expected to travel over the 2024 Memorial Day holiday. (AP Photo/Lynne Sladky)

 

The Transportation Security Administration predicted that Friday will be the busiest day for air travel over the holiday weekend, with nearly 3 million people expected to pass through airport checkpoints. It could rival the record of 2.9 million, set on the Sunday after Thanksgiving last year.

“Airports are going to be more packed than we have seen in 20 years,” said Aixa Diaz, a spokesperson for AAA.

When they aren’t waiting out flight delays, travelers are reporting sticker shock at the prices.

At Chicago’s O’Hare Airport, Larisa Latimer of New Lenox, Illinois, said her airfare was reasonable but other expenses for a getaway to New Orleans were not.

 

 

 

 

Advertisement
Submit your 2022 Austin Neighborhood Feedback

 

 

Motorists travel along Interstate 24 near the Interstate 40 interchange Thursday, May 23, 2024, in Nashville, Tenn. A record number of Americans are expected to hit the pavement over the 2024 Memorial Day holiday. (AP Photo/George Walker IV)

 

Motorists travel along Interstate 24 near the Interstate 40 interchange Thursday, May 23, 2024, in Nashville, Tenn. A record number of Americans are expected to hit the pavement over the 2024 Memorial Day holiday. (AP Photo/George Walker IV)

 

“I just have to make the accommodation,” she said. “The rental car is up … this year, the hotel accommodations were very unusually expensive.”

Kathy Larko of Fort Meyers, Florida, used frequent-flyer miles — and some flexible scheduling — to pay for her trip to Chicago.

“I’m really conscious of looking at the cost of the entire trip. We’re staying a little farther out than we normally would” to get a lower hotel rate, she said. “We’re also flying back a day later, because we could get cheaper miles.”

More travelers will be on the road. AAA estimates that 43.8 million people will venture at least 50 miles (80 kilometers) from home between Thursday and Monday, with 38 million of them taking vehicles.

 
Advertisement
Submit your 2022 Austin Neighborhood Feedback

 

 

 

 

 

Travelers wait at a TSA checkpoint at the Los Angeles International Airport, Thursday, May 23, 2024, in Los Angeles. A record number of Americans are expected to travel over the 2024 Memorial Day holiday. (AP Photo/Ryan Sun)

 

Travelers wait at a TSA checkpoint at the Los Angeles International Airport, Thursday, May 23, 2024, in Los Angeles. A record number of Americans are expected to travel over the 2024 Memorial Day holiday. (AP Photo/Ryan Sun)

 

Airport unions are using the holiday weekend to highlight their demands.

About 100 workers who clean airplane cabins and drive trash trucks at the airport in Charlotte, North Carolina, started a 24-hour strike Thursday, demanding better pay and healthcare, according to the Service Employees International Union. About 15% of flights were delayed, but it was unclear whether the strike played any role.

Advertisement
Submit your 2022 Austin Neighborhood Feedback

A planned strike at John F. Kennedy Airport in New York was averted, however. Teamsters Local 553, which represents about 300 workers who refuel passenger and cargo jets at JFK, said that it reached a settlement with Allied Aviation Services and called off a walkout planned for Friday.

 

 

 

 

 

 

George Ridley, 4, left, rides on a suitcase as he and his father Chris Ridley make their way through the Nashville international Airport, Thursday, May 23, 2024, in Nashville, Tenn. A record number of Americans are expected to travel over the 2024 Memorial Day holiday. (AP Photo/George Walker IV)

 

George Ridley, 4, left, rides on a suitcase as he and his father Chris Ridley make their way through the Nashville international Airport, Thursday, May 23, 2024, in Nashville, Tenn. A record number of Americans are expected to travel over the 2024 Memorial Day holiday. (AP Photo/George Walker IV)

 

Advertisement
Submit your 2022 Austin Neighborhood Feedback

“We are happy an agreement has been reached, a need for a strike averted, and we are hopeful that the deal will be ratified by our members,” said Demos Demopoulos, the secretary-treasurer of the local.

___

Associated Press video journalist Melissa Perez Winder in Chicago and Associated Press radio reporter Shelley Adler in Washington contributed to this report.

Read More

Continue Reading

Austin Local News

Texas health department appoints anti-abortion OB-GYN to maternal mortality committee

Avatar photo

Published

on

Texas health department appoints anti-abortion OB-GYN to maternal mortality committee

AUSTIN, Texas (AP) — Texas’ health department has appointed an outspoken anti-abortion OB-GYN to a committee that reviews pregnancy-related deaths as doctors have been warning that the state’s restrictive abortion ban puts women’s lives at risk.

Dr. Ingrid Skop was among the new appointees to the Texas Maternal Morality and Morbidity Review Committee announced last week by the Texas Department of State Health Services. Her term starts June 1.

The committee, which compiles data on pregnancy-related deaths, makes recommendations to the Legislature on best practices and policy changes and is expected to assess the impact of abortion laws on maternal mortality.

Skop, who has worked as an OB-GYN for over three decades, is vice president and director of medical affairs for the Charlotte Lozier Institute, an anti-abortion research group. Skop will be the committee’s rural representative.

Skop, who has worked in San Antonio for most of her career, told the Houston Chronicle that she has “often cared for women traveling long distances from rural Texas maternity deserts, including women suffering complications from abortions.”

Texas has one of the most restrictive abortion bans in the U.S., and doctors have sought clarity on the state’s medical exemption, which allows an abortion to save a woman’s life or prevent the impairment of a major bodily function. Doctors have said the exemption is too vague, making it difficult to offer life-saving care for fear of repercussions. A doctor convicted of providing an illegal abortion in Texas can face up to 99 years in prison and a $100,000 fine and lose their medical license.

Skop has said medical associations are not giving doctors the proper guidance on the matter. She has also shared more controversial views, saying during a congressional hearing in 2021 that rape or incest victims as young as 9 or 10 could carry pregnancies to term.

Texas’ abortion ban has no exemption for cases of rape or incest.

The American College of Obstetricians and Gynecologists, which says abortion is “inherently tied to maternal health,” said in a statement that members of the Texas committee should be “unbiased, free of conflicts of interest and focused on the appropriate standards of care.” The organization noted that bias against abortion has already led to “compromised” analyses, citing a research articles co-authored by Skop and others affiliated with the Charlotte Lozier Institute.

Advertisement
Submit your 2022 Austin Neighborhood Feedback

Earlier this year a medical journal retracted studies supported by the Charlotte Lozier Institute claiming to show harms of the abortion pill mifepristone, citing conflicts of interests by the authors and flaws in their research. Two of the studies were cited in a pivotal Texas court ruling that has threatened access to the drug.

Read More

Continue Reading

Business

Michigan farmworker diagnosed with bird flu, becoming 2nd US case tied to dairy cows

Avatar photo

Published

on

Michigan farmworker diagnosed with bird flu, becoming 2nd US case tied to dairy cows

A Michigan dairy worker has been diagnosed with bird flu — the second human case associated with an outbreak in U.S. dairy cows.

The male worker had been in contact with cows at a farm with infected animals. He experienced mild eye symptoms and has recovered, U.S. and Michigan health officials said in announcing the case Wednesday.

A nasal swab from the person tested negative for the virus, but an eye swab tested Tuesday was positive for bird flu, “indicating an eye infection,” U.S. Centers for Disease Control and Prevention officials said.

The worker developed a “gritty feeling” in his eye earlier this month but it was a “very mild case,” said Dr. Natasha Bagdasarian, Michigan’s chief medical executive. He was not treated with oseltamivir, a medication advised for treating bird flu, she said.

The risk to the public remains low, but farmworkers exposed to infected animals are at higher risk, health officials said. They said those workers should be offered protective equipment, especially for their eyes.

Health officials say they do not know if the Michigan farmworker was wearing protective eyewear, but an investigation is continuing.

In late March, a farmworker in Texas was diagnosed in what officials called the first known instance globally of a person catching this version of bird flu from a mammal. That patient reported only eye inflammation and recovered.

Since 2020, a bird flu virus has been spreading among more animal species — including dogs, cats, skunks, bears and even seals and porpoises — in scores of countries.

Advertisement
Submit your 2022 Austin Neighborhood Feedback

The detection in U.S. livestock earlier this year was an unexpected twist that sparked questions about food safety and whether it would start spreading among humans.

That hasn’t happened, although there’s been a steady increase of reported infections in cows. As of Wednesday, the virus had been confirmed in 51 dairy herds in nine states, according to the U.S. Agriculture Department. Fifteen of the herds were in Michigan.

The CDC’s Dr. Nirav Shah said the case was “not unexpected” and it’s possible more infections could be diagnosed in people who work around infected cows.

U.S. officials said they had tested 40 people since the first cow cases were discovered in late March. Michigan has tested 35 of them, Bagdasarian told The Associated Press in an interview.

Shah praised Michigan officials for actively monitoring farmworkers. He said health officials there have been sending daily text messages to workers exposed to infected cows asking about possible symptoms, and that the effort helped officials catch this infection. He said no other workers had reported symptoms.

That’s encouraging news, said Michael Osterholm, a University of Minnesota epidemiologist who has studied bird flu for decades. There’s no sign to date that the virus is causing flu-like illness or that it is spreading among people.

“If we had four or five people seriously ill with respiratory illness, we would be picking that up,” he said.

The virus has been found in high levels in the raw milk of infected cows, but government officials say pasteurized products sold in grocery stores are safe because heat treatment has been confirmed to kill the virus.

The new case marks the third time a person in the United States has been diagnosed with what’s known as Type A H5N1 virus. In 2022, a prison inmate in a work program picked it up while killing infected birds at a poultry farm in Montrose County, Colorado. His only symptom was fatigue, and he recovered. That predated the virus’s appearance in cows.

Advertisement
Submit your 2022 Austin Neighborhood Feedback

___

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

Read More

Continue Reading