To To Her Credit, My 38-year-old son has gotten into credit card debt for over ,000. He wants to open another account with his bank at a lower interest to pay off previous debt and will have the amount taken out of his checking account each month automatically. My son needs me to be the primary account holder on his new card, and he will be the user. However, his plan to use your credit to do so is not the answer, for several reasons.
If he finds out, this would cause a lot of trouble between us. Dear Kathy, It’s natural to want to help your son get out of burdensome debt.
He’s essentially admitting he has a spending problem, and he thinks giving you the cards will keep him on track.
Or he can call the bank and get new cards in a moment of weakness.
He can even beg for his cards back, or take them from you.
Compared to many people, his debt load of $12,000 is not even that outrageous.
I’m certainly not saying that a parent should never help an adult child, especially during tough times.
If you can’t afford to lose $12,000, you can’t afford to risk it, either.
See related: Debt consolidation: 4 options to streamline multiple debts Your son can get out of debt himself, without risking your money and credit. Fw-300 #ya-qn-sort h2 /* Breadcrumb */ #ya-question-breadcrumb #ya-question-breadcrumb i #ya-question-breadcrumb a #bc .ya-q-full-text, .ya-q-text #ya-question-detail h1 html[lang="zh-Hant-TW"] .ya-q-full-text, html[lang="zh-Hant-TW"] .ya-q-text, html[lang="zh-Hant-HK"] .ya-q-full-text, html[lang="zh-Hant-HK"] .ya-q-text html[lang="zh-Hant-TW"] #ya-question-detail h1, html[lang="zh-Hant-HK"] #ya-question-detail h1 #Stencil . Bdend-1g /* Trending Now */ /* Center Rail */ #ya-center-rail .profile-banner-default .ya-ba-title #Stencil . Bgc-lgr #ya-best-answer, #ya-qpage-msg, #ya-question-detail, li.ya-other-answer .tupwrap .comment-text /* Right Rail */ #Stencil . Bxsh-003-prpl #yai-q-answer, #ya-trending, #ya-related-questions h2. Fw-300 .qstn-title #ya-trending-questions-show-more, #ya-related-questions-show-more #ya-trending-questions-more, #ya-related-questions-more /* DMROS */ .If he has you add him as an authorized user, he gets all the benefits and none of the responsibilities.See related: When an authorized user goes rogue: What to do I wouldn’t rely on the fact that he’s giving you his old credit cards.He can use one or more methods to pay off his debt, including but not limited to: A qualified credit counselor can help him explore his options.