<prompt> Human: Would it be detrimental for my creditfinancial future for me to take out a 10k loan to help my parents pay off their credit card debt? If so, are there any alternative solutions?Some background information; my parents emigrated to Canada from PolandCzech Republic in their early 20s and faced financial hardships and continue to work low level manufacturing jobs. In the 1990s they amassed credit debt to make ends meet while raising 3 kids and eventually declared bankruptcy. As of today they have around 10k worth of credit card debt that they are unable to pull themselves out of. They are making minimum payments on a wide variety of maxed out no longer used credit cards with insanely high interest rates. They have tried to secure traditional debt consolidation loans but are always rejected due to their credit scores. Im 23, working full time, living at home making 35k a year and have been pre-approved for a 3 year, 10k loan with an 10.99 interest rate 12.97 APR. The estimated monthly payment would be 338.21. My parents would be capable of making these payments once they use the loan to pay down their existing debts so Im not considering this an additional monthly expense rather I worry about the impact on my credit score and ability to take out another loanmortgage down the line. Assistant: Why are they unable to pull themselves out of this debt? Do they both work? Do they own a home? Do they have other debt? Given more information, I guarantee theres a solution that doesnt involve you taking out a high interest loan.Human: Based on the information I get from them, they have 2 or 3 credit cards which are over the limit, though they havent been used in years, the payments they make monthly go to over-limit fees and interest so the balance goes up slightly each month or stays the same instead of being slowly paid down. They dont have the extra cash available to make a larger payment to push them below the limit without missing a payment on a different bill. They do not own a home, rent is 1300 a month and their income is about 4k a month but they always end up at 0 after rent, groceries, gas, insurance, utilities and all the credit card bills. I agree that better money management is a long term solution but I suppose they see an influx of cash as a quicker fix.  <response>: Dont take that loan.After rent they have 3000 2700 your 300 a month for groceries and bills. Something is clearly wrong in the way they spend money. I think they need to make a serious budget and stick to it. Let them dig themselves out of that hole. 