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Posted by Ann 9 months ago In:

Ann
Ann Asked:

Getting out of debt

What recourse does a person have when they owe creditors but don't have enough money to pay?  My daughter got herself in a financial bind when she was in her 20's.  Her credit is not good.  Should I offer to help her pay these debts or have her borrow the money from me to pay them off and then pay me monthly?  Her history is not good about that, though.  She borrowed some money for a used car from her dad and paid just one payment to him. 

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LindaRuth
LindaRuth Answered:

You already know that your daughter does not pay her debts. So obviously you do not loan her anything. If you want to give her money as a gift you can do that, but I am not advising it. You don't want your daughter to think she can get off easy. You don't want to enable her bad habits. My best advice would be for her to go in for credit counseling and see what they can work out for her (such as lower interest and lower payments).

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Daniel Faith
Daniel Faith Answered:

 

Wow, this is silly to ask such questions here. If you want and you have an opportunity to help then do it. Your daughter needs to learn not taking things for granted. First of all, tell her to connect all of her creditors, then order free credit reports to have a better understanding of where everything went wrong. Tell her to avoid using instant loans online as well. She might want to cover one of her debts. And good luck, of course!

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