Should You Pay Off Someone Else's Debt?

When to help out, and when to say sorry.

James Gard 16 September, 2021 | 4:28AM
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Some people embrace debt with open arms and others avoid it as much as possible. Whatever you camp you fall into, most agree that too much debt is bad for your wealth and can ruin relationships, friendships and your credit score. So if you’re in a position to help someone reduce their burden, why not help them out of the trap?

We look at the pros and cons of doing this, and what to consider once you’ve offered to pay off someone’s debt – and what might happen next.

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About Author

James Gard

James Gard  James Gard is senior editor for Morningstar.co.uk.

 

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