Family & Debt

Dealing with debt is often a family affair. This is especially true when you have major changes in your life, like a wedding, a divorce or a death in the family. It’s also important to teach your children about finances. On the other end of the spectrum, aging parents may need help managing their finances. We can walk you through everything you need to know about debt and your family.

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Average cost of a wedding in the U.S.

$28,000

Average cost of a divorce in the U.S.

$15,000

Average consumer debt per home

$20,000

Marriage & Debt

Whether you’re bringing debt into a marriage or planning a costly wedding, it’s important to talk to your future spouse about money. Make sure you’re both on the same page about handling finances, and be sure to make big decisions together.

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Divorce & Debt

Oftentimes, money matters are the most difficult aspect of ending a marriage. When a couple has debt, it may be difficult to discern whose responsibility it is to repay balances. Even after a divorce is complete, there may still be issues involving alimony and child support.

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Children & Debt

It’s important to teach children about money early on, as well as to teach by example. Arming them with financial skills will serve them for the rest of their lives. It can also be important to tell your kids about your personal debt and your financial situation.

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Parents & Debt

Older Americans are facing larger amounts of debt, in part because of lengthened life spans. Adult children of older parents may want to intervene and discuss money options with their parents, such as setting up and managing a budget, and paying down debt.

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More on Family Debt

Debt & Your Family

Student loans and credit card debt prompt many young adults to delay major purchases like buying a home, and major life decisions like marriage. When they do decide to tie the knot, that usually adds more debt – including the soaring costs of weddings and furnishing a home. Each child is expected to cost nearly $2 million to raise to adulthood. And all too quickly, parents are forced to make decisions about student loans once again, as their children head off to college. In many cases, unfortunately, divorce occurs – bringing with it even more debt.

Teaching Kids About Finances

Parents face the unique challenge of teaching their children about finances and debt. It’s important to remember that if parents practice bad financial habits — overspending, poor use of credit — kids are likely to follow their example. Luckily, the same is true for wise spending habits. If parents keep their debt low and follow a budget, their kids are more likely to do the same. Parents not only need to keep an eye on their own credit score, but they also need to teach their kids how to build a solid credit history.

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