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How Can I Help My Son Who Works in a Bank to Get Out of Debt Fast? – Ellen

“Dear Steve,

Need help for my son to get his debt straightened out. Back in 2004, I moved to Florida to help care for my ill elderly parents. My son and daughter were staying in PA. Their dad and I were divorced, so him and their aunt were going to look after them. Dan, my son was going in his 2nd year at Bloomsburg, and my daughter Becky just graduated HS and was heading to Cabrini. Both had to take student loans, tho Becky got a small scholorship to help with expenses. Dan lived on campus, Becky lived with her aunt. Becky is doing pretty well financially, pays her bills on time and pays rent for living at her aunts. Dan, however managed to accumulate $120K in total debt. I believe the total includes student loans, a car loan and credit card debt. He hasn’t given me too many details, but from info his uncle gave me, Dan has 2 consolidation loans. He is living with his uncle and aunt and rent is only $150.00 per month, which he has gotten behind on. Dan does work in a bank (he studied Finance in school), and recently gotten a raise. He also worked a part time job which he gave up (I’m not sure the reason).

My question regarding Dan’s finances, is how to help get him on track to be sure he’s paying his rent, and what to do about his debt loan. Without all the details from him it sounds as he is overextended. I’m not sure of any extras he spends money on as I’m not in the same state. I’m afraid he may be asked to move out of his aunt and uncles. He was living at my brother’s and asked to move out, which is the reason he lives where he does now. Where is a place to start in his situation? My advice to him so far is to be sure his rent is paid first, and find another part time job since it seems he’s floundering. He’s a good kid, just in a tough spot. Thanks for your help.

Ellen”

Listen to Son in Debt

Dear Ellen,

You sound like a good mom that cares. Thank you for asking me for some advice.

Dan is probably feeling pretty low about now. He’s most likely feeling like he’s living paycheck to paycheck and can’t find a way out. Trapped.

We can help him break this cycle but I’d need more information. If he’s embarrassed and does not want to share the details with you, please direct him to come ask me.

With more information we can come up with a plan on how to tackle the debt.

Please post your responses and follow-up messages to me on this in the comments section below.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.




About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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