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Loan to daughter —

By Terry Savage on October 07, 2022 | Credit/Debt

Terry, my daughter was in financial debt so we helped her pay off her credit card debt and loans. We applied for a home equity line and will have her pay us so we can make the payments. The only problem is the rate fluctuates. Is there a better way to do it?? Thank you

Terry Says

Well, that was a mistake. Rates are rising and continuing to rise. And she may not have learned her lesson. You’ll be stuck with the bill. Oh well, as my grandmother used to say “what’s done is done”!

I can’t think of a better way to finance that loan to your daughter now. So better keep working and postpone retirement.

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