Parents may suggest consumer credit counseling if kids' finances are in trouble

01/13/2010

Many people may have trouble getting an account for credit card debt because of the way they have handled credit it the past.

Others, however, may find that another person's actions could end up hurting their standing with lenders. In a recent article for CreditCards.com, Sally Herigstad, a certified public accountant, received a letter from a reader who is an authorized user on one of her daughter's credit card accounts.

The mom was curious as to whether she could write the company in order to get taken off the account. The daughter was more than 90 days late on a payment, and it was beginning to affect the mother's credit score.

Herigstad said that the mom could do so if she requested the action in writing. Meanwhile, Herigstad also suggested that parents consider suggesting consumer credit counseling for their children, especially if they are in financial trouble.

Consumer credit counseling services may provide a number of solutions to a person's money problems. For example, the services can help with budgeting. Or, they may suggest a debt management plan, which may lower interest rates on what people owe.

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