It is no secret, our 26 year old daughter has some big time debit and is struggling to pay off her debt. Just last week she looked into a credit repair service and has an appointment with them for later this week.
In the meantime, my husband sat her down again and gave her a strong lecture about her spending habits and told her that she must get them under control. He then helped her make a list of everything she buys in a given month, it was way beyond what she makes for a living!
Racking up credit cards to obtain the things you want is just going to lead to trouble down the road. My husband has now locked up her credit cards, so she won’t be tempted to use them again.
We spent a lot of time with her over the years talking with her about the importance of maintaining a good credit score and not to be racking up bills for the sake of racking them up. We thought we finally had gotten through to her 2 years ago, but apparently we didn’t.
Now that her hours at work have been cut by 10 hours every week, this will lead to even more debt on her end. We are hoping this new line of direction with the credit repair service will teach her a lesson and some financial responsibility. At least that is the plan!
So parents, keep talking to your kids about all things finance related and keep drilling it into their heads to be responsible with their money and buying habits!