5 Ways Parents Can Help Children Beat Debt
If a parent has children, he or she will want to help them out as much as possible. As parent’s, we want to raise our children to be responsible and successful adults. While this is not always easy, this is our responsibility as parents. Think about it, most parents would do anything for their children. For this reason, if you have children in debt, you should try to help them out by following these five tips.
Sell stuff:
Without a doubt, if you want some quick cash, you should head to a pawn shop. When heading to Alpharetta pawn shops, or pawn shops in any city, you can get top-dollar for your items. Now, many wonder and think they do not have anything of value. This is usually a foolish notion since most people have some items worth a lot of cash. If you want to help your kids, you can scour your house and find rings, old electronic equipment and even home and garden items. Simply put, you probably have some things you do not need and you can help your kid out of trouble when heading to a pawn shop.
Free money:
Now, if you have some extra cash, you should consider giving your kid some money. Think about it, when you hand them a check for $500, you can make their life. While it is wise to avoid going overboard, you should have no problem throwing a few hundred dollars to your kid. At the same time, when doing this, you should make sure to specify it is a gift. Often, when giving money to kids, they will feel guilt and express remorse for their actions. Instead, you should make them happy to accept your cash.
Credit card balance transfer:
Often, a kid will have a hard time paying off his or her debt when it sits at double-digit rates. To help your loved one, you should consider using your own credit. Ideally, if you have a high credit score, you should opt to move some of the balance to your card. Then, you can make your child send monthly payments to the creditor. Remember, if they pay 20 percent or more in interest, they will take a long time to repay the debt. For this reason, you should opt for a balance transfer.
Front their inheritance:
If you are well off and your child has a serious debt problem, you should consider giving them some money out of their inheritance. This is a drastic measure but will help a young person recover from a serious financial problem. Simply put, with a huge cash infusion, one can pay off their debts and enjoy their life again.
Move in with you: If your child wants, he or she should move in your house. While you may initially see this as an imposition, you will have an extra hand to help you around the house. When inviting a child to move back in the house, a parent can help their child in a simple, yet very effective way. In due time, your child can pay off debts and enjoy life on their own.
If you want to help your children, you must come to them at their time of need. Remember, there was mostly a time in your life that you faced debt and wished upon the stars that someone would lend you a helping hand. When your child faces debt, they will not only face financial difficulty, but most likely emotional difficulty as well. It’s our parental duty to step up to the plate and help our children in their time of need.
Author bio
Karleia is a freelance blogger. Away from the computer she enjoys spending time with her family.
Category: Family Finances
