First, I'm sure I misread your post. Second, I remember Carter. Those were the days when you bought something today because the price would be higher tomorrow...and if you have a variable rate mortgage you were in really bad shape.
Excuse me if I was harsh. At the same time I was posting I was talking to a friend that is in really, really bad financial shape.
As a CPA, I counsel a number of people in bad financial shape regularly.
The first thing to realize is that a financial crisis is always a good thing. The crisis creates the environment for necessary change that most people knew was coming but wanted to avoid facing.
The second thing to remember is that God often uses a crisis to bring people to Him. Only when we place our trust in Him are we truly secure. The financial crisis is a time for someone to reorganize and refocus their priorities to make them God centered.
As a friend, you can help the person see both the blessings they have as well as help them recognize how God is moving them in this crisis.
Most importantly, don’t help them defer the crisis without a realistic plan.