Open Modal

Situation 805: “My parents want me to loan them 30K…”

I am struggling with this… so my parents asked me for a loan. I am a 30-year-old professional, living on a Central Coast while my parents still live in the Midwest where I grew up. I make a good living, although I have many obligations (kids, wife, a house payment.) They’re  kinda going through a financial crisis right now. My mother and father are both professionals who make good money. They ran up a great deal of credit card debt and are on the point of declaring bankruptcy. They asked me for a loan to get right. I was quite conflicted at the time about whether to give them money. I love my parents a lot, and they provided for me very well, sending me to college and setting me up to move forward independently in life. One thing I do know is My parents have never been good with money. For most of their adult lives’ both have had very good incomes, but they’ve spent their money as soon as they get it. They had very little savings. When they asked for money, I really wanted to help them, but I wasn’t at all sure what would be the best thing to do. I was concerned that if I loaned them money I would never see it again and it would probably cause problems between usso I said no. As a result my parent threw a fit and told me that they couldn’t believe that after giving me a good life, put me through college, and all that good stuff that I would say no to them. They even said I bet your wife told you not to let us borrow the money!!! But actually she told me to go ahead and do it and I still said no because I know I wont ever see that money again!! 30k is not a small amount (even though we have it) and plus my parent got in to this financial situation because of their poor spending habits. Am I wrong for not letting my parent borrow this money to get out of debt? Or does anyone have some financial advice they can give me… I appreciate it! Thanks!

(email your situation to: listeners@957thebeatfm.com)

Recommended Posts

Loading...