The Gift Of Debt Freedom

Sandra's daughter just turned 21 and has a $2,500 credit card balance. Sandra wants to give her the gift of being debt-free for her 21st birthday. Can Sandra negotiate the balance down?

QUESTION: Sandra in Houston is a single mom and has always been debt-free. Her daughter just turned 21 and is running into financial problems already. Sandra wants to give her the gift of being debt-free again for her 21st birthday. She has a $2,500 credit card balance. Can Sandra negotiate that down?

ANSWER: They’ll accept a settlement of some kind. You can just make them an offer. The trick is this: Why isn’t this kid able to pay her bills? I think she’s still out of control but not as bad as she was. I don’t think she’s organized with her money, and I don’t think she’s earning enough to live on. You’ve got to fix that. Otherwise, you’re just giving a drunk a drink. You’ve got to teach her to fish, not just give her fish. That needs to be part of your helping her. It’s not just a birthday gift. Otherwise, you’re encouraging bad behavior. You don’t want to do that. “I’ll pay some of this if you pay some of it and get on a plan using Dave Ramsey’s book.”

Jump-Start Your Goals!

Jump-Start Your Goals!

Get our 8-Day JUMP START series and weekly newsletter that are packed with articles and tools to help you win with money.

Learn to Beat Debt

Take Control of Your Money!

The best way to get out of debt and take control of your money is to make a plan! Financial Peace University is that plan!

Find a Class

Thank You!

Your 8-Day Jump Start is on its way to !