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Identifying And Overcoming Financial Abuse

Imagine being tethered in a game of tug-of-war where you never had a say in the rules, yet you’re the one constantly pulled and strained. This is a stark yet relatable image for victims of financial abuse who find themselves parties to loans with a cosigner without clarity or understanding of the implications. This simple act, seemingly based on trust, can become a chain that restricts freedom.

Expanding Horizons: Beyond Romantic Relationships

While the image of a partner dictating financial choices in a romantic relationship is a popular representation, financial abuse casts a wider net. Take for instance the doting father who seems to want nothing but the best for his minor child. But, by tightly controlling the purse strings, he manipulates choices, guiding the child away from opportunities, hobbies, or dreams that don’t align with his views. Or think of the caregiver, the one appointed to look after an elderly person. In the soft shadows of care and responsibility, there can lurk an intention to exploit.

The Enchanted Forest: Navigating Through Financial Abuse

Imagine an enchanted forest, thick with trees and tangled roots. Each tree represents a layer or form of financial control. The forest is dense, and those trapped inside can’t see the way out. But, just like any labyrinth, there’s always an exit.

Recognize the Forest:

The first step in any journey is recognizing where you are. Financial abuse is not just about someone taking your money. It’s the child being denied school fees unless they comply with a parent’s unreasonable demand. It’s the elderly patient who’s told they can’t afford a particular type of care, even when they can.

Locate the Compass:

Knowledge is the compass. Understand the full spectrum of your financial rights. Did you know, for instance, that if you’re co-signed on a loan, you have the right to access loan details and repayment statuses? Familiarize yourself with legal recourse available in cases of financial exploitation.

Cut Through with Allies:

Seek professional help. Financial advisors, lawyers, and support groups can act as machetes, cutting through the densest parts of the forest. They can guide, provide resources, and help enforce boundaries.

Case Study: The Bird’s Golden Cage

Maria was an accomplished pianist. However, when she married Dan, she found her wings clipped. Dan admired her talent, but he wanted Maria to teach piano at home, not tour. When she expressed a wish to buy a grand piano, he agreed but insisted on a loan which both co-signed. Slowly, he started to control the finances from this venture, insisting that touring was affecting their loan repayments.

Maria felt trapped until she attended a music seminar and met Lily, a financial advisor. As they chatted, Maria realized the inconsistencies in Dan’s statements. With Lily’s advice, Maria accessed the loan details, understood her rights, and took control of her finances, ensuring she wasn’t financially dependent or manipulated.

Finding the Exit and Ensuring Others Don’t Enter

Overcoming financial abuse is a journey of reclaiming self-worth and autonomy. By identifying signs early, seeking support, and gaining knowledge, victims can transition from being trapped in the enchanted forest to standing outside it, ensuring they never re-enter and helping others recognize the signs too.

Financial abuse can be subtle, and its chains can be invisible, but with awareness, strength, and support, breaking free is not just possible, it’s a reality waiting to unfold.

If you feel you are being subjected to financial abuse, help is available.

Call 1-800-799-SAFE (7233) or text START to 88788.

Abubakar is a writer and digital marketing expert. Who has founded multiple blogs and successful businesses in the fields of digital marketing, software development. A full-service digital media agency that partners with clients to boost their business outcomes.

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