Ask Terry Questions Help son with credit card debt

Help son with credit card debt

By Terry Savage on September 27, 2023 | Credit/Debt

My son and daughter in law have credit card debt of 21K, a car loan 11K and student loan of 32K.
I have the resources to pay off the credit card loan, but I know in my gut that this will not solve the problem. What can I do to help them avoid getting into debt again?

Terry Says

You are correct that you cannot solve this problem for them. How do you even know the extent of their problems? Did they come to you expecting help?

If so, you must set them straight immediately. Tell them you finished your job of raising them. You don’t want to be a “bag lady” in your old age.

Send them immediately to the National Foundation for Credit Counseling — a non-profit that can guide them out of this mess. The toll free number is 800-388-2227. It will connect them to the nearest local office.

The time to start this process is now!!



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