5 Things to Ask Yourself Before Picking Up the Tab for Your Child’s College Education

Giving your teenager a credit card may seem like a scary proposition, but it could be the safest way to teach them about credit. Credit expert John Ulzheimer says it's just like teaching your teenager how to operate a car, but in a controlled environment. “Nobody would just let a teen hop in a car and drive,” says Ulzheimer, who formerly worked with Equifax and FICO. “And nobody should just let their kid get a card on their own someday without some teaching by the parents.”

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You’re in a pinch and in desperate need of money. You’ve already asked family members for help, but nobody can assist you. You’ve heard of a personal loan before, but is taking one out a good idea?

In short, it depends on your particular financial situation. If you’ve racked up high-interest credit card debt, for example, and you can take out a personal loan with a lower interest rate to consolidate and pay off that debt, a personal loan might be right for you. But if you have other assets you can borrow against that will have lower interest rates — such as a 401(k) loan or a home equity line of credit (HELOC) — you might want to consider pursuing those lines of credit instead of a personal loan.

Here’s everything you need to know about when a personal loan might be worthwhile, and when you might want to look elsewhere.

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