Morally wrong? Or best in the long run?

chocaholic110

Having a bit of a dilemma. What do you think?

Our children have around £800 in savings in accounts that they've had years that pay (virtually) no interest.

Was thinking of using money to take a big chunk off credit cards - will make debt free day a few months closer and apparently save £100 interest. Then when debt free day arrives pay back their money (which would be less then we're paying a month to get rid of debts quickly!)

While I think it makes financial sense I can't stop thinking it's wrong?

opinions please?

ZTD

Do it. It's not morally wrong.

They can help you now when they're young, and you'll help them when they grow older.

Seems like a deal they'd want.

MinnieSpender

This is a tough one. How old are the kids? Are they old enough to have the situation explained to them? If they are, perhaps you could have a family chat and get their views on it?

If they aren't old enough to understand your difficulties, and you could pay back the money later on, then I think it's fair enough. How about thinking about a higher interest paying account for when you do?

Good luck - hard decision!

spud30

I have 2 children, and yes, I would do it if I could.

My daughter has an inheritance of over £10,000 that I cannot touch. I am joint trustee with a solicitor and we would both need to sign to withdraw the money.

My daughter, if she knew about the money, would want to use it to help. My son has even offered to sell his telly if it would help us out, bless him.

What the point in kids having money sat there, and growing up with parents contantly worried.

Do it

BTW ZTD, I love your sig, it makes me laugh every time I see it :rotfl:

Xenomorhic

My mother raided my savings when I was 9 years old to pay for the family holiday. My gran was furious as she was the one who put the money in, and I got really upset as I didn't want it drawn out, I was saving for a pony! LOL.

By contrast your deed sounds positively angelic!

piglet6

I agree - go for it. It will be better in the long term for your kids if they have happy parents, who are more relaxed because their DFD is closer.:D And you plan to replace it when you have paid your debt off, so its not like you are stealing your children's money...!!:p

If it makes you feel better, when you pay back the 800, why don't you pay a little extra "interest" into their account - like a proper loan, but from an internal family bank!;)

Piglet

gallygirl

Do it. Full stop.

If you feel bad pay them interest - and make sure when you get straight you find them best accounts!

shayshay

At the end of the day its not their money, pay it back when the debt is finished but what doesn't actually belong to them can't be morally wrong!

Ivrytwr3

If you are 100% convinced you will pay the money back then go for it; why give other people your cash (charges etc).

However, once dipped into it would be easy to keep doing this and what if an unexpected bill arrived and you couldn't afford to put the money back?

I have been soooo tempted to dip into my kids savings, but will only do so if it is a dire, dire emergency. There's always someone who wants your money...........:(

chocaholic110

If an unexpected bill came we would probably be fine. We are massively overpaying so would just have to have a month on minimum payments eg have had to pay a little bit less off cc's this month as have paid car insurance and car tax (and both cash not credit cards - I am so proud!!)

LJD1_2

We've done it. I felt bad but I guessed I can save for them when I'm more sorted.