Ask the Dolans: Should I pay off my daughter's credit card debt?

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Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday.

Dear Ken and Daria,

Without our knowledge, our 23-year-old daughter ran up $5,000 worth of credit card debt on three different cards. She defaulted and now the collection agencies are coming after my wife and me. We could pay the debt off, but does it make sense to do that?

Jay

Ken and Daria Dolan offer advice on all of your credit card and debt management concerns at Dolans.com.

Click here to ask Ken and Daria your question.

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