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How should I talk to my children about debt problems?

In many New Jersey families, there is a big information gap between children and parents when it comes to the financial aspects of running a household. Then, when parents are having debt problems, they may be even less likely to tell their children about it. Children do talk to other people in the neighborhood, after all, and parents also do not want their children to worry, so how do you talk to your kids about debt issues the right way?

One pediatrician who recently spoke to WebMD suggests that parents give their children some information about their debt problems, but not too much. By simply telling them what they "need" to know, the physician suggested that this will prevent children from worrying too much.

In fact, children do worry about money -- especially credit card debt -- according to a recent report published by the American Academy of Pediatrics. Children of mothers with increasing credit card debt claimed that their children were also showing an increase in behavioral problems. That said, loans to purchase a home and/or pay for college were less likely to cause a child to change his or her behavior.

The pediatrician recommended to WebMD that parents tell their children the family is going to get through the debt issues and everything is going to be alright, and the issue is a small thing. Also, it's important to inform children that you have a plan, the doctor said.

One way New Jersey parents can establish a debt resolution plan is to speak with a qualified bankruptcy attorney who is familiar with debt resolution and debt management strategies. While bankruptcy may or may not be appropriate in all cases, a bankruptcy attorney can review your debt situation to determine the best way resolving the problem.

Source: fox5atlanta.com, "How to talk about money problems with your kids," Beth Galvin, May 18, 2016

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.