Parents helping older children pay off their debts

The new numbers show that millions of parents are helping older children pay off their debts.

According to statistics released by Money Expert, about 40% (7.5 million) of adults with adult children help their children pay back in full. Contributes to payments in areas of utility bills, loans, and other financial needs. As a result, price comparison sites comment that parents face “heavy debt” when helping their children and daughters, which can affect their ability to manage their finances and repay their loans. Mobile 폰테크 bills and car finance transactions are the number one source of debt, and parents have helped 24% of each respondent cover adult children over the past three years. Following this, 23% of parents paid their credit card invoices. Six percent and one-fifth (20%) of respondents helped overdraft costs and helped children with unsecured loan payments. At the same time, one in ten paid their money to repay their child’s mortgage, compared to the 2% that contributed to the mortgage.

According to a survey on the price comparison website,

Adult child debtors have spent 2, 2,540 over the last three years. The majority (51 percent) donates between 200 and 2000 2000, and about 13 percent spend between 5,000 and 20,000. This can strain their ability to manage their own finances.

Sean Gardner, CEO of Money Expert, said:

Overall, Midland is the country’s “capital of children’s shops”. Parents pay an average of £ 2,739 to pay off their children’s loans, credit cards, and other types of debt. In contrast, Scottish customers donate the least amount, usually 2,265, to their child’s debt. At the same time, the Bank of England’s five rate hikes since August last year are now a major concern for more than 2.48 million adults on how to manage their finances, officials said.

As a result, those who are worried about their ability to manage their money, whether parents or children of adults, who want to be financially independent, borrow a loan for debt consolidation to manage their debt. You may want to. Customers may find that they can spend more money by combining existing loans, overdrafts, and credit cards to lower their monthly charges. However, Adrian Coles, general manager of the Building Association, recommended that anyone who wants to apply for a loan should be able to repay it at any time.

Every day, millions of people receive messages on their mobile phones.

If you contact a specific number and comply with specific terms of use, various setup fees for your system will be free. When you make a phone call, you begin to hear the fact that you need to install equipment purchased from your company’s brand for free.

 

You may also receive various messages via email or mobile phone stating that your broadband connection will be set up for free and your device will be free for a month. Call the company and you will find that you need to pay up to 6 months in advance to access the offer.

These examples are meant to avoid making

The mistake of believing in everything written somewhere. You may hear the term “free government lending,” but it’s easy to understand that you’re actually dealing with government subsidies. Government grants are always free and the recipient does not have to repay.

The free government loan you get is like what a private company offers you at a high interest rate. Fortunately, interest rates on government loans are very low, but they have to be repaid. In most cases, the principal will be fully refunded in time and additional interest will be charged to cover the old costs.

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