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Advice For Parents Who Have A Child In Debt

By Stephen Hill

It can be very worrying for a parent when they are informed that one of their children is in debt. They often want to find an instant solution but can be unsure of where to go to seek help. In this article I give advice on what in my opinion is the best way of helping this child, who of course is likely to be an adult themselves. I hope that the article can be of help and benefit to many people.

There are a number of solutions to different problems that we come across in life and the advice I give in this article may not be suitable in every debt situation but is the way I would deal with my own childs debt problem.  

money house

One of the first people to contact would be one of the national organisations which deal with debt such as the national debt line. When your child had the courage to admit to their debt problem it would probably have come as a bit of a shock. The people at these organisations hear these same stories everyday and will have a great deal of information and advice to help you.

One solution that many parents think of is to basically pay off all of their childs debt straight away. They may contact each company that the child has a debt with and then make a payment to clear the debt. This is what I am sure the child would love to happen and may well work in the long run. I believe that this solution is however wrong as it does not really teach the child a lesson and why should the parents have to bail them out. Who is to say that in five years time the child will not be in the same situation again. A lot of them no doubt would not be and will be bright enough to stay out of debt in the future and will also be very grateful to their parents for being so generous. I have however heard of many cases where the child does not learn and then continues to perhaps over spend and soon becomes in debt again.  

Source Amazines 

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