Comments on: Should Parents Pay Off Kids Credit Card Debt?

By: bankruptcy attorney

bankruptcy attorney — Tue, 19 Jan 2010 03:02:04 +0000

Kids need to learn their lessons. Never, ever should parents co-sign with their kids. I do not believe or encourage that ever.

By: Lorraine

Lorraine — Tue, 28 Jul 2009 18:05:34 +0000

We have helped my 22 year step-son in the past and I wish we didn’t! He just had to get married, even though they didn’t have a dime for the wedding; he just had to have a baby and unfortunately the baby was three weeks early which caused a lot of medical bills. They have several credit card company’s they owe a lot of money to. Not too mention how many times he would call his dad saying how broke they were and didn’t have money for formula and diapers. Now were are in the sad situation of not being able to see the grand baby because we finally refused to pay for their cell phone that was about to be cut off. (They have a house phone and as far as we are concerned, the cell phone is still a luxury.) After all that we have helped out with him financially (and the list is more like a workbook now), when we finally said enough is enough, they threw a fit and won’t talk to us!

By: journey

journey — Mon, 13 Jul 2009 05:56:07 +0000

I am about $110k in student loan debt. Although, I did not know what the hell I was signing at the timeI got the loans. The debt is now mine. As for credit cards, I have about 2k in debt. I think it is best for me to learn the hard way than for my parents to bail me out.

By: Econobusters » Blog Archive » Weekend reading links

Econobusters » Blog Archive » Weekend reading links — Sat, 25 Apr 2009 10:29:35 +0000

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By: Ways To Pay Off Debt

Ways To Pay Off Debt — Tue, 21 Apr 2009 00:19:29 +0000

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By: Martin

Martin — Sat, 11 Apr 2009 14:24:26 +0000

Ed, the vast majority of “debt settlement companies” are scams that simply take your money. They’ll tell you to stop paying your debts, and stop communicating with your creditors. This will get you sued. Once you get sued, the debt settlement company can’t legally help you, because they aren’t attorneys.

Even if they settle a debt or two, you will pay exorbitant monthly fees to them while they hold onto your money without paying you any interest. Of course, your creditors will keep charging you interest (at a default rate of about 30%), plus late fees of $39 a month. If you get any kind of a break in your settlement, it will be canceled out by all the fees and interest.

Ed, you might be a real person or not… if you are telling the truth, you are in the minority. Do not use debt settlement companies. You will do better negotiating with your creditors on your own.

See http://articles.moneycentral.msn.com/SavingandDebt/ManageDebt/DebtSettlementACostlyEscape.aspx

By: Ed

Ed — Sat, 11 Apr 2009 02:51:49 +0000

I had over 40 grand in unsecured credit card debts a year ago and I was able to get on an aggresive settlement plan I found through http://www.freerateupdate.com/creditcarddebtconsolidation and paid em off in 12 mon. My credit score took a hit temporarily but my cash flow is back to a comfortable level. My suggestion is to go with a settlement program if you are in over your head. I’ll never use a credit card again.

By: Gather Little by Little - Blogging Based on Beliefs | Money Smart Life

Gather Little by Little - Blogging Based on Beliefs | Money Smart Life — Thu, 09 Apr 2009 11:55:56 +0000

[...] Frugal Dad asks an interesting question. Should you pay off your children’s credit card debt? [...]

By: ABCs of Investing

ABCs of Investing — Mon, 06 Apr 2009 03:11:41 +0000

[...] Frugal Dad asks should parents pay off their kids credit card debt? [...]

By: Janette

Janette — Sun, 05 Apr 2009 11:03:14 +0000

My parents paid off my $2,000 credit card when I got married. That was the last time I was in debt- 1981.
My grown children have not been in debt either- knowck on wood! My dd helped her fiance get rid of his debt before they married. They live below the poverty line- within their means.