Find your Torchlight 2 save folder, usually under Documents/My Games/Runic Games/Torchlight 2/save.
Open settings.txt, and find the line that says “CONSOLE :0″, which should be third from the top. Change it to “CONSOLE :1″.
Save the text file, load up a character, and hit INSERT to bring up the console. Type “ITEM RespecPotion”. It will appear at your feet.
Quaff away to refund all spent skill points. This also has the benefit of letting you choose your starting attack skill on a new character, instead of having to use the default one.
It’s also worth noting that, as far as we can tell, only characters that actually use the spawn item command will be cheater flagged. Just enabling the console shouldn’t mess up your whole account.