Should the 'Bank of Mom and Dad' help when kids are in debt?

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	Should the 'Bank of Mom and Dad' help when kids are in debt?


	When young adults fall into debt it's not uncommon for them to turn to mom or dad to get help, but according to one financial expert, parents should only help in certain occasions.

	When young adults fall into debt it's not uncommon for them to turn to mom or dad to get help, but according to one financial expert, parents should only help in certain occasions. In a column for Money Magazine, Beth Kobliner says that parents who can assist should only help out if their child is in danger of losing a major asset to repossession or if they are in credit card debt. If parents feel uncomfortable just giving their money to their child who has already run-up credit card debt, Kobliner suggests giving a loan. The IRS expects you to charge at least a nominal amount - now 2.96 percent - on long-term loans over $10,000 and pay taxes on the interest," she writes. "Make it official with a promissory note. Voilà, the Bank of Mom and Dad solves the credit crunch, one twentysomething at a time." But Kobliner says whatever parents do, they should attach some strings to the agreement. The one she suggests? Cutting up the credit cards that got them in trouble in the first place. One way parents might want to help their children avoid debt in the future is by teaching them to keep a budget. By using a prepaid credit card which only allows them to charge the amount loaded onto the card, young adults can avoid falling into debt.

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