Family Finance
In times of economic crisis, we may need to seek help from as many outlets as possible. Loans are available from banks with good credit and collateral to protect the bank from losses. As banks are out to make a profit, they must protect themselves from defaults by securing collateral to use if a borrower cannot pay their loan back. Payday loans are also a good choice as their credit requirements are not stringent like those of banks and these advances are available online for convenience.
Many people wish to ask relatives for loans, which can be good and bad. Recent surveys show that dads are more likely to loan their children money for debts and financial obligations due. Mothers, on the other hand, have less sympathy and are quite a bit less interested in helping. Most fathers sympathize with their children, as they are usually the bread-winners in their family and will often loan their children money even if they know they will not get it back. The percentages increase as well when the idea of payback is possible.
The kind of debt is also important, as gambling debts receive no sympathy from mothers or fathers, but medical bills and credit card debts are quite reasonable and are acceptable to parents for loans. Student loans and other obligations that are considered socially acceptable are also likely to get the nod from parents. So rather than the children going to banks, they may want to consider turning to their parents, specifically their dad, to secure money to take of these debts and financial obligations.
Financial education is also very important and many parents take responsibility for their children’s financial education. Many believe that they have taught their children correctly, but credit card debt is a major concern and more lessons should be taught at an early age in school. By teaching basic financial topics at a young age, many children will never be in the position to have to borrow money from their parents.
This entry was posted on Wednesday, October 14th, 2009 at 9:34 am and is filed under Debt Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
