| It can be very worrying for a parent when they are | | | | not be in the same situation again. A lot of them no |
| informed that one of their children is in debt. They | | | | doubt would not be and will be bright enough to stay |
| often want to find an instant solution but can be unsure | | | | out of debt in the future and will also be very grateful |
| of where to go to seek help. In this article I give advice | | | | to their parents for being so generous. I have however |
| on what in my opinion is the best way of helping this | | | | heard of many cases where the child does not learn |
| child, who of course is likely to be an adult themselves. | | | | and then continues to perhaps over spend and soon |
| I hope that the article can be of help and benefit to | | | | becomes in debt again. |
| many people. | | | | My advice would be to start the child on a debt |
| There are a number of solutions to different problems | | | | management plan. This can be organised via the |
| that we come across in life and the advice I give in this | | | | national debt line and is a free service. The beauty of |
| article may not be suitable in every debt situation but is | | | | this plan is that the interest from the debt is frozen and |
| the way I would deal with my own childs debt problem. | | | | it is the interest that is normally what makes the debt |
| One of the first people to contact would be one of the | | | | become so large. The child then agrees an amount to |
| national organisations which deal with debt such as the | | | | pay each month, an amount that they have worked |
| national debt line. When your child had the courage to | | | | out that they can afford and then the debt slowly but |
| admit to their debt problem it would probably have | | | | surely starts to reduce. The amount that they have |
| come as a bit of a shock. The people at these | | | | agreed to pay is normally far lower than the minimum |
| organisations hear these same stories everyday and | | | | monthly payment that they had been paying towards |
| will have a great deal of information and advice to help | | | | the debt which was likely to have only covered the |
| you. | | | | interest anyway. |
| One solution that many parents think of is to basically | | | | The child can see that within a certain period their debt |
| pay off all of their child's debt straight away. They may | | | | will be cleared, should be happy that the interest is |
| contact each company that the child has a debt with | | | | frozen and will also learn about debt management for |
| and then make a payment to clear the debt. This is | | | | the future. The advice the specialist who is assigned to |
| what I am sure the child would love to happen and | | | | their case will provide will be invaluable. The parents |
| may well work in the long run. I believe that this solution | | | | could help out financially on any month when their child |
| is however wrong as it does not really teach the child | | | | is struggling to make the agreed payment as it is |
| a lesson and why should the parents have to bail them | | | | important to keep up with the repayments. |
| out. Who is to say that in five years time the child will | | | | |