Finance: Should parents pay of kids' debt?

It is always okay to ask your parents for financial help.  If you are responsible and find a way to pay them back someday they would probably gladly help as much as possible.  Life isn't easy, so you should just consider their financial help a better loan to assist you, with easier payments down the line.

Great question Nopoli, and a lot of other recent grads are in similar situations. Here's my thoughts on it.

It's fine to ask and, if they're in a position to help you without impacting their own lifestyles, it's fine for them to give you money if they want to.

The long-term issue for you is the behaviors that put you in the position you're in, especially the credit card debt. Are you currently accumulating debt, or are you just paying interest on debt from past years?

If you're in a position where you're behaving responsibly financially, saving as much as you can and living frugally, it might be very helpful for your parents to pay off some of the debt.

But if having your parents help you would simply enable to rack up debt again, then I think it's a terrible idea. I think you need to do some soul-searching on this one, talk to your parents openly and honestly about your situation and spending, and figure out what's best. In the long run, your financial health depends on you, regardless of whether your parents help you out now.

Recommend you check out Dave Ramsey (several books - Total Money Makeover for one) website daveramsey.com, radio broadcast/archives on real situations such as yours...deals with a standard approach no matter what the situation (and yours is typical)..wish I had heard this common sense approach when I was out of school and would be wealthy and on to early retirement now.  Won't hurt or cost a penny to check out the website.

Are you insane or just on the verge of becoming a waste of time to society. You should be ashamed of yourself, you're an adult and the responsibility is now up to you to do the right thing. Your parents did the right thing and sent you to get an education and now it's your turn to show them they didn't waste the time and money on you.

I've been on my own since I was 15 and had to put myself through high and college. Lets not forget jobs to pay the rent and food. My parents weren't there and the road was hard and I ended up doing great and I have a great memory, even of the hard times. I've never asked for a handout and sometimes work was tough but if tommorow I was to die, I have no regrets.

You have to look to another way of thinking. Just because someone has plenty of money doesen't mean that you are entitled to it. Those people gave you all that you were entitled to. Now it's your turn to become, to have, and to create. Become what you can, in all your glory, you're entitled to that as far as you can take it. It's up to you and no one else. You could just choose to become a leech to society and a waste to the planet. Plenty go down that path. Your choice.

Well, as a parent of adult children, I say it depends on the circumstances.  Help pay your credit card debt....Absolutely not.  Help pay university fees, yes, if they can afford it now.  But here's the question..did they help with school expenses as best they could or were you on your own for some reason?  And have circumstances changed for the better, so that they can help you now? I think they will if they can and they see you are being responsible and adult.