Friday 25th of February 2011
Parents owing more than £15,000 and having difficulty clearing what they owe may wish to start seeking individual voluntary arrangement answers to provide themselves with greater peace of mind.
This could be especially true for households that include children of working age who are not contributing to the family finances.
Dave Rodgers, managing director of the Debt Advice Foundation, has claimed mums and dads should not be afraid to ask their offspring to pay their way.
The industry figure noted people who work should provide money to live under another person's roof.
He said of children failing to contribute: "Not only does it result in additional financial strain on the parent, but it doesn’t help the child to transition effectively into the adult world."
Recent research from First Direct showed parents who use their adult children's board money - at just £160 a month - could save themselves more than £10,000 in five years in regards to their mortgage.
By Rachel Powell
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Single parent financial burden 'getting worse'
