There are a lot of support groups out there; weight loss, addictions support, single parent groups… A support group that has been gaining in popularity over the past 3 or 4 years is the Debt Support Group.
Usually people don’t seek out a support group until the problem is so bad they can no longer hide it from anyone. This is often the case with debt support groups as well, but these groups offer much more than just debt control programs. They teach people about the importance of budgeting and how to budget. By sharing your monthly spending, you become accountable to yourself and the group. You have a review panel for your purchasing habits, and because of that you learn the difference between wants and needs.
These groups also teach important lessons about saving money, and some even get into investing. This is vital, because not only should you control your debt, you should be prepared for emergencies and eventually retirement. Having low debt or no debt is a good thing, but without savings, your financial situation can be almost as bad as if you were loaded with debt. Most financial planners recommend at least 3 months of living expenses as an emergency fund, and many would say 6 months is even better.
What if there isn’t a debt support group in your area? Most of these support groups simply start by some friends getting together and deciding to do something about their situation. They share credit card statements with each other, purchases, and end up developing budgets together. They basically educate themselves together, using the internet, books, and local financial experts, and in time they become the experts themselves.
If you have ever done anything like this, or are looking for a group like this, please post your comments here so others can know about your experiences.
Jerry
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