Family money management is the holy grail of your financial health. Without proper money management, sooner or later you will be in financial crisis. As family, it is common to have debts, so money management doesn’t just manage your money but its also includes debt consolidation, the way you manage your debts to be out of debt trap. The famous Robert “Rich Dad, Poor Dad” Kiyosaki said that there are two types of debt: a good debt and bad one. Good debt makes you rich, and bad debt makes you poor. The difference between them lies in usage of your debt money, for productive purpose (for example investment,business,education) or for consumptive purpose (for example jewelery, traveling, fashion).
Since education price is always goes up, you must prepare your financial support years before your children going to school or college. Investing your money to education insurance plans while your children still in early age is a good idea. Despite that suggestion, in fact, many Americans are in debt because of many things such as job loss, consumptive behavior or medical problem. If you are in debt problem so that you must choose between paying your children school fee or paying debt interest, i suggest you consult with Consolidated Credit, a debt consolidation company. They have many programs and services to help your debt situation such as debt management, credit counseling, credit card debt help. Whatever your debt situation is, they can help you out.
Besides that, they also have many educative publications about debt, and the debt consolidation guide is a must read. That guide have many information about how to avoid getting debt trap especially for student. That guide also mentions this concerning statistics fact:
According to the U.S. Department of Education’s National Center for Education Statistics, 41% of graduating seniors had credit card debt, with the average balance just over $3,000. Among students who had college loans, the number with credit card debt rose to 48% and the average balance was $3,176.
In summary, i suggest you to prepare your financial support years before your kids going to school, but if you are now already in debt situation, don’t give up, call them up and solve your crisis for the sake of your children education.