A Reddit user shared a story about how she was stressed out because her parents thought she didn’t want to help them out because she refused to take out a loan on their behalf.
Can’t Pay, Won’t Pay
According to the OP, this is not the first time she had to help out her parents financially and they always promise to pay her back. But they never do. She works in a pharmacy part-time and studies online and because of this, she lives paycheck to paycheck. She saves whatever she can.
Her parents called her and told her they needed 20k from her and asked her to borrow from the bank or other places where she can get a loan at a lower interest rate. They told her they wanted the money to pay off their debts and put a downpayment on a house. The OP never asked for money from her parents. She had little to her name and she did not want to be covered in debt.
She was hesitant because she had loaned them money before from her savings (about 4k and another 2k) and they never repaid her. They started to pull the guilt card by asking her why she wouldn’t help her family and they told her how they were surprised at her behavior.
The OP told them that their approach to borrowing money from her was appalling and that using guilt trips was manipulative. They got upset and told her they did not need her money.
The OP wanted to know whether she did wrong in refusing to borrow money for her parents.
The Masses Weigh In
The Reddit community was very supportive of the OP with many telling her that her decision was the right one.
Old Habits Die Hard
According to one user, the moment she gave the money to her parents, she would never see it again, “I’m glad you know not to give them any more money! They will never pay a dime of that loan. You will be 100% responsible for it, and it will ruin your credit for years to come.”
“I’d tell them, “As soon as you repay the previous loans, I’ll look into securing a third.” If they pay back anything, which I doubt they will just bank it,” added another user.
They Should Take a Loan on Their Own
A user wondered why the parents did not take the loan on their own, “Do not take a loan out for them. If they can’t get a loan in their own name, what makes you think they’ll pay you back? They won’t, and you’ll be on the hook for $20k plus interest.”
“As a mother myself: do NOT go into debt to give them money. They’ve shown you they’re not trustworthy, believe them. When I had my kids I did it because I was prepared to take care of them, not bc I wanted them to take care of me. I know many parents are very entitled and feel they’re owed for having their kids but you don’t owe your parents anything but love and respect, and that’s if they’ve earned that as well. Take care of yourself and stick to your boundaries. It sounds like your parents are bad with money and refuse to learn,” advised another user.
Pay First, Then Ask For More
A user advised the OP to remind them they still owe her, “Remind them they still haven’t paid back the 6k you loaned them so there is no way you’ll be loaning them anything until they’ve paid pack what they owe. And lock your credit down with the agencies. They sound like they wouldn’t think twice about taking out a loan in your name behind your back.”
“Tell them you need 6k on your account to qualify. Then when they pay you back say to didn’t get the loan after all and go NC. Also make sure they don’t apply in your name. I definitely get that vibe,” said another user.
What do you think of OP’s decision? What would you have done if you were in OP’s shoes? Would you have taken up the loan?
This article was produced and syndicated by A Dime Saved.
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