Comments on: Should Parents Pay Off Kids Credit Card Debt? http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/ Promotional Codes, Coupons & Deals + Money Saving Insights Fri, 25 May 2012 07:48:33 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Robin C. Fields http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-77476 Robin C. Fields Fri, 10 Feb 2012 13:18:58 +0000 http://frugaldad.com/?p=2163#comment-77476 If I had to pay off my child's debts I would consider myself a failure as a parent. If I had to pay off my child’s debts I would consider myself a failure as a parent.

]]> By: Jenna http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-43261 Jenna Tue, 13 Jul 2010 21:28:11 +0000 http://frugaldad.com/?p=2163#comment-43261 I love the article. I have to add my two cents as the mother of five , step mom to 4 more. If the charges are valid I have this equation I do I offer to help them by dividing the cost by three. Let's say the child has books, tuition and valid food on the cards and they owe $6,000. I offer to pay $2,000 (as a gift that is me a parent helping) They can work for 1/3 and float a 1/3 that is how life works anyway.(some of the kids can ask another parent for 1/3 as well.) 1/3 of valid charges that is my equation. I love the article. I have to add my two cents as the mother of five , step mom to 4 more. If the charges are valid I have this equation I do I offer to help them by dividing the cost by three. Let’s say the child has books, tuition and valid food on the cards and they owe $6,000. I offer to pay $2,000 (as a gift that is me a parent helping) They can work for 1/3 and float a 1/3 that is how life works anyway.(some of the kids can ask another parent for 1/3 as well.)
1/3 of valid charges that is my equation.

]]> By: Cameron http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-41581 Cameron Sun, 23 May 2010 17:32:17 +0000 http://frugaldad.com/?p=2163#comment-41581 Great topic! Parents should also talk to their students, esp. the college bound ones--about the severe penalties of late payments and such. I know cause it came from experience! -- How to Eliminate Student Credit Card Debt http://www.ehow.com/how_5268030_eliminate-student-credit-card-debt.html Great topic! Parents should also talk to their students, esp. the college bound ones–about the severe penalties of late payments and such. I know cause it came from experience!
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How to Eliminate Student Credit Card Debt
http://www.ehow.com/how_5268030_eliminate-student-credit-card-debt.html

]]> By: bankruptcy attorney http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-36538 bankruptcy attorney Tue, 19 Jan 2010 03:02:04 +0000 http://frugaldad.com/?p=2163#comment-36538 Kids need to learn their lessons. Never, ever should parents co-sign with their kids. I do not believe or encourage that ever. 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 http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-29126 Lorraine Tue, 28 Jul 2009 18:05:34 +0000 http://frugaldad.com/?p=2163#comment-29126 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! 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 http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-28428 journey Mon, 13 Jul 2009 05:56:07 +0000 http://frugaldad.com/?p=2163#comment-28428 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. 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 http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-23441 Econobusters » Blog Archive » Weekend reading links Sat, 25 Apr 2009 10:29:35 +0000 http://frugaldad.com/?p=2163#comment-23441 [...] Parents Pay off Kids Credit Card Debt: http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/ posted under Good [...] [...] Parents Pay off Kids Credit Card Debt: http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/ posted under Good [...]

]]> By: Ways To Pay Off Debt http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-23230 Ways To Pay Off Debt Tue, 21 Apr 2009 00:19:29 +0000 http://frugaldad.com/?p=2163#comment-23230 Thanks for this quick tips,about debt,btw you should check your site in Opera. Thanks for this quick tips,about debt,btw you should check your site in Opera.

]]> By: Martin http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-22668 Martin Sat, 11 Apr 2009 14:24:26 +0000 http://frugaldad.com/?p=2163#comment-22668 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 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 http://frugaldad.com/2009/03/31/parents-pay-off-credit-card-debt-kids/#comment-22641 Ed Sat, 11 Apr 2009 02:51:49 +0000 http://frugaldad.com/?p=2163#comment-22641 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. 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.

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