Financially Irresponsible Parents: They Borrow Money But Late To Pay Back

A woman is wondering if it would be wrong to stop letting her parents consistently borrow money from them.

A woman we’ll call ‘Grace’ is questioning whether or not they are in the wrong for wanting to stop lending money to their parents, even though they make a decent income.

The Situation

Grace outlines their situation and says her parents are perpetually borrowing money from her and her husband.

“My parents borrow anywhere from $600 to $1000 a month from my partner and I. They pay the money back every month but then borrow it again the next month. It is a constant cycle that has been going on for almost 4 years.”

The Financial Burden

Grace notes that she is fine with them borrowing money, however because they sometimes pay late, she has had to make late payments to mortgages and car payments.

“My partner and I make a decent amount of money and lending them money usually doesn’t completely devastate our finances but we have had to pay our mortgage and car payment late because of their borrowing.”

The Dilemma

“They are on a very fixed income yet still spend money irresponsibly,” says Grace. “However, they do help us from time to time when it comes to how to fix things around the house but we never borrow money or ask for anything other than advice. They also have our child on the regular basis not because we ask them to but because they want to spend time with their grandchild. I know if we stopped lending them money they will most likely go without a lot of things because they will not fix their spending habits.”

Others Weigh In

Opinions are divided on this. Many say that she wouldn’t be wrong if she stopped letting them borrow money. One person said, “Your parents should spend time with their grandchild regardless, and they should also ‘help’ you because they love you. These things are not transactional.”

They continued, saying, “If you are putting yourself in a worse financial position by helping them and paying your own debts later than intended, then you are within your right to tell them no. How are they ever going to learn to pull back their own spending, if you are there to save them each time?”

However, other people say that she should be grateful and continue to let her parents borrow 1% of their income. One person said, “Your parents watch your offspring and live on a fixed income. I presume they feed and entertain your child while you work, yes? So you get free kiddo care, make over six figures, yet the revolving line of credit that you extend to your parents, amounting to hardly 1% of your income, is enough to make you default on a mortgage or car payment?”

The same person said, “You suck at money too. Maybe look at your own spending. Set aside an amount that you’ll offer to your parents every year, and stick to it. Otherwise, start looking at the going rates for preschools.”

What would you have done in this situation?

Read Next:

11 Overlooked Ways to Earn Money According To The Internet

13 Ways You’re Wasting Money Without Knowing It

Source: Reddit

Similar Posts