Recent Survey Says Parents Pay for Offspring Debt

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Study says 40% of parents with adult children have helped out with debt problems.

As many as 7.5 million parents have had to help adult children pay off their debts with the average family forking out £2,540 on behalf of their kids, according to a recent survey by Money Expert.

The survey shows parents are helping with a wide range of debts including; mobile phone bills, car finance bills, credit card bills, overdrafts, student loans, mortgage repayments and 'other' loans.

Underlining the trend of the "bank of Mum and Dad" as, perhaps, understandably the natural first choice for help by young people facing debt worries, Scottish Widows report that children of all ages are draining their parents savings by as much as £12,000 from offspring who have already left the family home.

Industry sources underline the pain felt by parents, with those in the Midlands the hardest hit, forking out over £2,700. Parents in Scotland are less hard-hit, handing over no more than £2,270 when bailing out their offspring's debts.

With recent interest rate hikes and increasing household costs hitting many, parents can also help their offspring by encouraging them to seek out free expert debt and debt consolidation advice.

Seeking expert debt advise to establish whether a Young Person's IVA or other type of Debt Consolidation loan is a viable alternative to help offspring with debt worries has two key benefits: it helps the young develop money skills and mitigates the worry and financial burden for concerned parents.

There is a substantial choice for young people who need help from debt worries with Young person IVA and consolidation loans worth considering for many, according to The Debt Counsellors, who offer free, confidential advice on all types of personal debt.

To be Debt Free in 36-60 months, please call: 0800 018 6018 or visit http://www.debtcounsellors.co.uk.

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Kevin Aston
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