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Honored Advisor
Posts: 11,091
Registered: ‎05-13-2010
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Re: Debt free farming operations

It would have never occurred to me to encumber any of our kids' names with debt that served our needs;but, evidently it is widely done. 

 

Our youngest daughter's best friend in high school, whose dad was a consulting forester, told me his father had screwed up both sons' credit to the point that they were practically destitute, when they went out on their own.   

 

You see it on Judge Judy all the time...a parent getting utility accounts in a child's name, then running up sums they never intended to pay. 

 

I figure that everyone ought to have a chance to make their own mistakes, not borrow some or inherit any.  I think we are goingto see a lot of fallout of this farm economy down teh road...it will be just a matter of timing and degree.