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Benzinga
Benzinga
Business
Kaili Killpack

'I Would Not Crack Open My Child's Piggybank To Make My Truck Payment' — 'Ramsey Show' Warns Caller Against Using Kids' College Fund To Pay Off Debt

Lafayette,-,Circa,April,2018:,Local,Ford,Car,And,Truck

Michael from South Carolina asked "The Ramsey Show" whether it was worth it to withdraw from his children's 529 college savings accounts to speed up his debt payoff.

"I would not crack open my child’s piggy bank to essentially make my truck payment," co-host George Kamel said after diving into the details. 

But Tim's question highlights a challenge many parents face: balancing near-term financial pressure with long-term goals for their kids.

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