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Parents may recommend credit counseling to children, which may help through debt consolidation
01/12/2010
Many young people who are having trouble with their finances may turn to their parents in order to find some help.
However, a recent article from the Chicago Tribune notes that children - and parents - need to take steps that a potential financial solution does not become a familial problem. First of all, parents need to make sure they even have the means to help out their kids.
If they don't have the money to be able to help out, the story said that parents may consider recommending their children visit a credit counseling firm, which may provide a number of options for dealing with debt.
Such an organization can provide younger people with a number of options, including debt consolidation. Through debt consolidation, consumers may be able to reduce the amount of interest they have to pay on debts, along with simplify the bill-paying process.
If parents can help their children, they need to make sure to set up some ground rules, including whether the funds are a loan or a gift. They may also consider putting the terms of the deal in the form of a contract, which will make things clear for the future.
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