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Not only will you be bailing out your children at an important time in their lives, but you’ll also be giving them an excellent borrowing experience.In the days of yore, when people needed a hand catching up on their bills, they strolled into the neighborhood bank, spoke to branch manager, shook hands on a loan, and got a check for the amount they needed.Not paying creditors will also show up as a negative transaction on your credit report that makes it harder to borrow more money.And then there’s the risk of increasing your debt if you fail to make your payments under a debt settlement program.

Or you might be better off taking out a home equity line of credit (HELOC) or a fixed-rate home equity loan.Don’t use your IRA to pay debts unless you are 100% confident the money will be replaced within two months, say, with a tax refund.Otherwise, you’ll be hit with a penalty and taxes on the funds.Once you’ve chosen a debt consolidation method, it’s a good idea to keep the total cost as low as possible.Try not to take the maximum amount of time possible to pay off your new loan, and come up with a plan to get out of debt in three to five years.

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