Tips for former addicts, families trying to get finances restored – Press Enterprise

Poisoning can be ugly in many ways, including substance and alcohol abuse, gambling addiction, and overeating and overeating, to name just a few.

There are many addictions, but many of the symptoms of behavioral disorders are overlapping. Family members and addicts are ultimately financially and emotionally affected. Sometimes relationships are badly hurt and no longer exist.

In many cases, the family goes unnoticed and supports the person’s addiction. Once you notice a problem, it is important to consider and establish some solid boundaries, but it is difficult. Are you willing to watch your loved ones spend time in jail instead of covering their legal fees? Are you willing to see them kicked out or living on the street instead of paying for their living expenses? Are you willing to pay their rent for months if they are not dealing with their addiction?

Setting boundaries does not cure the addiction of your loved ones or guarantee that they will seek help, but it will help you manage your life without financial ruin. Ultimately, all you have control over is how well you care for your own health and well-being.

Without support and resources, it will be difficult to overcome the emotional tensions and financial pressures of addiction. The Substance Abuse and Mental Health Service Management Authority within the US Department of Health and Human Services provides resources for both addicts and their families to address the topic of addiction. SAMHSA’s mission is to reduce the impact of substance abuse and mental illness on the American community.Contact 1-800-662HELP (4357) or samhsa.gov..

One of the consequences of financial ruin is bad credit. With this burden, recovering people will have a hard time getting approved when applying for a credit card or loan. Even if they are modest; banks and other financial institutions will be wary of allowing credit lines to those who have shown inadequate judgment and decision-making ability in the past. This may mean that the basics of a loan to recover, or even a mortgage application for a place to live, will be much more difficult than usual.

It is unrealistic to expect a new calm person to simply resume financial existence before the addiction becomes established. Consider seeking help from a financial adviser who knows how and where to apply for financial assistance, secure a loan, find a scholarship or grant, and pay for treatment and other damages caused by your addiction. Qualify for a special payment plan to help you cover.

Financial recovery is not easy, but there are tools to help with this stage.

Next Step Prepaid Mastercard — Developed by three recovery addicts, this prepaid card is especially for people in recovery. It comes with controls that block certain ATM or POS transactions, such as liquor stores, casinos, bars, escort services, and some online retailers. You cannot use the card to get cash back.

The card must be co-signed by the responsible person in personal life. The co-signer is responsible for the actual loading and transfer of funds. Companion cards are provided to the individual used for the purchase. NextStep Cards have a daily spending limit and maximum monthly trading, allowing you to monitor your card usage online for accountability purposes.

TrueLink prepaid Visa card — The True Link Prepaid Visa Card is a reloadable prepaid Visa card created to meet the complex needs of underserved people. With this card, you can buy goods and pay invoices without having to carry cash with you. Access may be blocked for purchases made at bars, online and other dangerous locations. The card can also be set up to be accepted by a particular seller. You can access real-time alerts when your card is about to be used in a blocked location such as a liquor store.

It’s hard to see a loved one lose control of his or her life, but the family shouldn’t financially rescue or support the addict. Let the addicts experience the consequences of their illness. Think carefully about helping addicts, establish boundaries, and clearly understand the long-term implications for your finances. By financially supporting addicts, you support their addiction and probably endanger your own finances.

Teri Parker CFP® is Vice President of CAPTRUST Financial Advisors. She has been practicing in the areas of financial planning and investment management since 2000. Teri.parker@captrustadvisors.com..