Where’s the Line When It Comes to Bailing Your Kid out of Debt?
As a parent, you never want to see your kid suffer. So when it comes to debt, would you be willing to help your adult child out? And if so, how much would you be willing to pay?
Credit Cards-dot-com recently surveyed parents to find out how much money they'd be willing to fork-out if their adult kid came to them for help. The findings were surprising.
According to the survey, the average parent would be willing to give their child about $6000 to help pay down their debt - without any expectation of being reimbursed.
When it came to gambling, however, 57% said they would never help their adult child pay back a gambling debt. Helping with other kinds of debt, however, was OK.
Things like medical debt, utilities, mortgages, the rent, those type of expenses, most parents surveyed didn't find too many objections there.
The other interesting part of the survey was parents' income wasn't much of a factor when deciding whether to offer their kid a helping-hand - or in this case, hand-out.
Source: Money Crashers