It can also happen when there is unexpected medical debt or variable rate debt, whether mortgage or personal. The crisis hits and the parents come to the rescue, covering late mortgage and car payments. But parents need to set limits to their contributions and insist on a plan that allows their escape from their children’s financial responsibilities. We have seen parents jeopardize their own financial security in the name of rescuing a child with overwhelming debt. Parents don’t like these choices.

Source: Forbes October 17, 2023 17:07 UTC