Parents who still supports Adult children.

How does it catch you? If you've noticed this, maybe it's because you're one of the millions of older parents today who still support your grown child or children. Hi, they went through college. They got this position with a pretty good company. It may not be their end goal in the career they wanted, but it's a start. And the expectation of the salary they thought was guaranteed isn't so great. Now, almost immediately, a new car came on the scene. A cell phone and cable TV…well, those are real necessities, maybe more so than food. The rent in their apartment keeps going up. Many other expenses keep popping up. The student loan must also be paid off. Of course, happy adult children usually get help with this. Life is still a bit of fun and games, and the temptation of all easy lines of credit is just waiting for that next victim. It is your son or daughter. But how could this happen to them? Thousands of dollars in credit card debt. You really thought you taught them better. Soon the new job won't be so great. There are layoffs, downsizing, or many other reasons why companies let people go. Now the child (who is an adult) is in a financial bind. They have to move back into your house because they can no longer afford rent, electricity or even food. This is a reality that happens more with adult children between the ages of twenty-four and thirty. What can you do to help? Set guidelines and some boundaries that will really help you. AND NO... helping them with their payments with your savings or money you still earn will not help. If you schedule them to pay you back instead of the creditors they owe, it can soon backfire on you and them because their credit score will look great in the eyes of even more creditors. It would be a big financial lie for them. Your credit score and their credit score are now two separate entities for adults. The pain of added service fees, late fees, increased interest rates, and possibly worsening debt collection are all self-inflicted consequences of poor financial planning. The truth is, young adults are extremely prone to falling into credit card debt, regardless of how they were raised. It is not your fault as a parent, and you should not take responsibility…. Should you know you can help them get through… the right way and never get back into credit card debt again? They can get the wisdom you know they need. There are healthy ways to help, and it starts with you as a parent. Of course, you care and would do anything to help them overcome their debt situation, but be very careful. Help them come up with a real plan to pay it all off on their own. If they've moved back into your home, give them some space, but make a plan to contribute to food, utilities, and luxuries in your home. In order to temporarily live in your home again, they have to hold down a job or two…whatever it takes to be responsible for their debts and other living expenses. It will be hard, but you will both learn some necessary and valuable lessons, or the lessons you tried to instill in them in their earlier youth will come alive in reality. Realize for your own health and well-being that you are not being harsh or mean, but you are helping your son or daughter become a more responsible adult by letting them face their own debt mistake. A truly happy and responsible adult is one who can earn their own path in life and gain more wisdom. A real adult takes responsibility for himself no matter what. All healthy and successful parents want their adult children to thrive, be self-confident and self-reliant.