587 – Should Parents Help Adult Children with Debt?

587 – Should Parents Help Adult Children with Debt?

Author: Doug Hoyes November 29, 2025 Duration: 30:00

With housing costs, student loans, and everyday expenses skyrocketing, more young adults are turning to their parents for financial support. Doug Hoyes and Ted Michalos unpack the emotional, financial, and practical realities behind "helping" adult children, including why many parents feel compelled to assist, and break down the real risks of co-signing, lending money, or tapping home equity to solve a child's debt issues.

(00:00) How costs, debt, and housing pressures shape young adults' expectations
(03:10) Why parents feel compelled to help financially
(06:20) When helping becomes risky for parents approaching or in retirement
(10:00) Enabling, dependency, and how money strains family dynamics
(12:00) Co-signing explained: what parents are really responsible for
(13:30) When support prevents children from developing budgeting or financial skills
(15:05) Alternatives to direct financial help
(17:10) When to involve a Licensed Insolvency Trustee
(18:40) Conditional help vs. open-ended rescue
(25:00) Key takeaway: protect your own financial future first

How Can I Help My Adult Child With A Lot Of Debt?

Joint Consumer Proposal – Who Can File Together?

DIY Free Credit Repair Course

Sign Up for the Monthly Debt Free Digest

Hoyes Michalos YouTube Channel

Learn About Debt Relief Options in Ontario


Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 100

Debt Free in 30
Podcast Episodes
586 - Should You Use Your Home Equity to Pay Off Debt in This Market? [not-audio_url] [/not-audio_url]

Duration: 34:52
Turn your home equity into a plan, not a panic button! This episode gives a clear, practical checklist for using a HELOC or second mortgage wisely: how they work, what they cost, when they help, and when alternatives (li…
585 – Small Business: Mixing Personal and Business Debt Pros & Cons [not-audio_url] [/not-audio_url]

Duration: 32:14
Many Ontario small business owners use personal credit to get a venture off the ground, because banks rarely lend to brand-new businesses. That convenience can help with early cash-flow gaps and sometimes costs less than…
584 – Top Mistakes Debtors Make and How to Avoid Them [not-audio_url] [/not-audio_url]

Duration: 31:22
Drawing on experience from 25+ years and 73,000+ filings, Doug and Ted break down the top debt mistakes Canadians make, and how to avoid them. They explain how problems creep up, why waiting narrows your options, high-co…
583 – Job Loss: What to Do Financially in Your First 30 Days [not-audio_url] [/not-audio_url]

Duration: 30:52
Laid off or let go? Your first 30 days matter. This is a practical, Canada-specific guide to unemployment, covering everything from applying for EI to discussing when upskilling or a pivot makes sense, as well as the ris…
582 – How to Prioritize When Every Expense Feels Urgent [not-audio_url] [/not-audio_url]

Duration: 31:01
When money is tight, everything feels urgent. Rent, groceries, a credit card bill, and that unexpected car repair. In this episode, we walk through a survival-mode framework for prioritizing essentials, organizing a bare…
581 – Why the Best Financial Advice Sounds Boring – But Works [not-audio_url] [/not-audio_url]

Duration: 31:09
Ever feel like the best financial advice sounds... boring and hard to stick to? Doug Hoyes and guest Licensed Insolvency Trustee Maureen Parent discuss why the most effective money habits are often the least exciting. Fr…
580 – Can You Really Live Debt Free in Canada? [not-audio_url] [/not-audio_url]

Duration: 31:04
Can you live without debt in today's Canada? In this myth-busting episode, Doug and Ted explore the real cost of going debt-free. They unpack the difference between credit and debt, challenge the necessity of mortgages a…
579 – Budgeting Without Burnout: Finding the Right Tracking Method [not-audio_url] [/not-audio_url]

Duration: 32:13
Is tracking every single expense the key to taking control of your finances, or just a fast track to burnout? What are the pros and cons of meticulous money tracking? Doug Hoyes and guest Charlie Kovacs debate who benefi…
578 – Student Loan Struggles in Canada: Paying Debt Years Later [not-audio_url] [/not-audio_url]

Duration: 30:10
Student loans can follow Canadians for years after graduation, sometimes delaying life milestones like buying a home or starting a family. In this episode, Doug Hoyes and Ted Michalos explain why student debt is so diffi…
577 – How to Break Free from the Minimum Payment Trap [not-audio_url] [/not-audio_url]

Duration: 30:40
Making only the minimum payment on credit cards may feel manageable, but it's one of the riskiest financial habits for Canadians today. Doug Hoyes and Ted Michalos explain the real math behind minimum payments and share…