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Law Office of W. Thomas Bible, Jr.

Parents burdened by debt can teach valuable lessons to children

As children in Tennessee return to school, they will learn many lessons. These lessons do not always take place in the classroom, but also on the playground and at home. Parents often wish to take advantage of their children's receptivity to learning by instructing them in important life issues, like managing money. Some parents do this because they have had their own struggles with finances, and they want to spare their children the anxiety of living burdened by debt.

Some parents teach children how to use money wisely by offering allowances for household responsibilities like making their bed or helping at supper. Having money can be a powerful thing for a child and a tremendous tool for you to demonstrate the importance of saving, planning and sharing. As children grow, they may desire more expensive things. Concert tickets, the latest fashions and the newest technology may entice a child to borrow money from you. You may use this opportunity to teach valuable lessons about debt.

However, even when you work hard, spend frugally and save regularly, you may encounter a crisis that upsets the financial plan. A medical emergency, job loss or major home repair can wipe out a family's savings. Before long, you may find yourself using credit cards to pay bills or buy groceries and lying awake at night wondering how to pay the mortgage.

Being burdened by debt may feel as if you are drowning. In pursuing relief, many in Tennessee turn to a bankruptcy attorney. The Law Office of W. Thomas Bible, Jr. is dedicated to helping those who are looking for relief from overwhelming debt. We will answer your questions with compassion and lead you in determining the best option for resolving your debt. By doing this, you may also teach your children an important lesson about seeking help when it is needed.

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