Parents `Calling In` Debts To Try And Ease Financial Difficultiesposted on 24 August 2010 | posted in General Category | ( 0 ) CommentsParents are `calling in` debts by asking for money back from their children. One in ten grown-up children gave or lent around £8,250 to their parents last year, while the year before, the same number gave or lent them £6,500. The increase is believed to be as a result of the recession - as parents face a `tightening squeeze` on their budgets. For a long time, children have sought financial support from their parents - with many requiring help for university costs or stepping on to the property ladder. Over a third of parents said they used the money they received from their children to pay off their own debts, while a similar amount put the money towards their day-to-day living costs. Parents are feeling the pinch, and so the Bank of Mum and Dad has decided to call in its debts and sap more money than ever from their children. Many Families in the coming months will be facing the prospect of huge financial pressure and strain, and could be seeking help and advice about their debts. With debts growing from month to month the prediction is that debt solutions such as bankruptcy will increase dramatically in the next year as people look to ease their financial struggles. Share this blog entry:
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