When parents ask their adult children to co-sign a loan, add their name to a mortgage, or take out a car loan “for the family,” it can feel impossible to say no. But what are the risks?

Ontario Licensed Insolvency Trustees Doug Hoyes and Ted Michalos break down the financial (and emotional) minefield of taking on debt for your parents. From credit utilization issues to legal responsibility and long-term credit damage, they explain how even well-meaning help can backfire, and offer solutions to support aging parents without risking your financial stability. (00:00) Risks of Co-Signing for Your Parents' Credit (02:30) Why Parents Ask Their Kids to Co-Sign Loans (05:50) Supplemental vs. Joint Credit: What’s the Difference? (07:30) Co-Signing Auto Loans: Why It’s Risky (09:00) Credit Utilization: How It Hurts Even If Payments Are On Time (12:30) Planning for the Worst: Protecting Yourself from Family Debt (14:45) What to Do If You Can’t (or Don’t Want to) Help Your Parents (16:30) Safe Ways to Support Parents Without Taking on Debt (19:45) Helping Your Parents Manage Money as They Age (26:30) How to Help Parents with Unmanageable Debt

How Co-Signed Debt Is Dealt with in a Consumer Proposal Is a Secondary Credit Card Holder Responsible for Debt? Can a Joint Bank Account be Garnished in Canada? Best Debt Relief Options Ontario Free Credit Rebuilding Course and learning resources Sign Up For The Monthly Debt Free Digest

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.