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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Helping children deal with credit card debt can be complicated

Young people are not always the most fiscally responsible people on the planet, as many parents are keenly aware. For some South Carolina families, the initial desire to support a child who has accrued credit card debt may seem tempting. However, it is important for parents and children alike to understand the responsibilities involved in dealing with debt of this type.

For parents who have the financial ability to do so, it may be beneficial in the long run for them to pay off the child's existing debt to save credit score damage down the line. However, as many parents understand, this may deprive the child of a valuable life lesson in fiscal responsibility. As a result, it may be helpful to reach a written agreement of debt repayment with the child, and require her to adhere to it strictly as she would with a bank or other loan officiator.

Parents may also consider allowing the child to reap the consequences of careless spending rather than "bailing" them out. Taking out a loan may be an acceptable compromise against paying down crippling credit card debt. However, parents should remain keenly aware that cosigning for such a loan puts the onus of repayment on them should their child default on payments.

Credit card debt is a serious matter no matter the age of the debtor. It is important for South Carolina parents and children alike to understand all of their options when working to pay back or otherwise deal with an outstanding debt of this type. It may be helpful for both parties to consider bankruptcy as a way of clearing youthful debt and preparing a child for a more responsible fiscal future.

Source: dailyfinance.com, "My Kid's Drowning in Credit Card Debt! What Do I Do?" Shelby Bremer, July 25, 2013

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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