We don’t sound the debt alarm very often, but when it comes to young adult children asking their parents for help with debt, well, the alarm bells start ringing!
These days, even 19-year-olds can be riddled with debt. Student loans, car loans, credit card debt can add up quickly, leaving young people buried in debt before they’ve even cashed their first paychecks. Sadly, debt follows young people for a long time.
As parents, you have to make some tough decisions about how much help to give your child when she ends up deep in debt. Before you write a check, ask yourselves these questions:
1. Where did this debt come from?
2. Have we bailed our child out before?
3. How can we help our child think differently about spending, saving, and debt?
4. When should reality hit?
5. How can we use this conversation to strengthen our relationship with our child?
Read the details in this week’s Money Couple Minute HERE.
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Tags: financial communication, helping children financially, helping kids out of debt, kids and money, money communication, the money couple