moral dilema, should i borrow off my 5year old?

Owain_Moneysaver

If you kept up the £150 per month it's going to take over 10 years to pay your son back for raiding the savings account.

But it is daft to be paying interest when you have savings.

Not sure of the legal aspects of using "your son's" money in this way.

Romans53

use the money
clear the card
close the account

then set up a standing order of 100 pm for 15 months, pay the lil fella a few quid more as a big thank you that maybe one day he'll understand.

i borrowed money from my neice once from an account i set up for her. i paid it all back and abit more and told her all of it as she was 9 and understood a bit about money.

he doesnt need it at this monet, but you do! and if you not paying that card off quickly, so do it

husemin

...Like Martin always says, "use savings to pay of debts", It's a no brainer, you'll save loads from interest by doing this, just ask your self can you really pay back your son, if so then go for it, save some money.

H

LinuxAllTheWay

My two cents:

1. Use the savings to pay off the CC
2. Close the CC account and any other CCs you hold
3. Pay back the 'borrowed' money with interest (£100 has been suggested above)
4. Inform a trusted friend of what you're doing. Don't ask their opinion, just tell them that you've done some deep soul searching and this is what you're going to do. Ask them to help monitor you to ensure at least every penny is paid back.
5. When you're son is older, inform him of what you did and why you did it. This will show trust and honestly plus teach him a valuable lesson in personal finance.

Like I say, just my two cents

GEEGEE8

Owain_Moneysaver wrote: »

If you kept up the £150 per month it's going to take over 10 years to pay your son back for raiding the savings account.

But it is daft to be paying interest when you have savings.

Not sure of the legal aspects of using "your son's" money in this way.

10 years? Don't you mean 10 months?

GEEGEE8

Oh BTW, I would pay the credit card off!

cobnobbler

Eydon wrote: »

My own personal feeling on this would be yes - the proviso though is that you have to make sure you pay him back. Don't take this the wrong way, but if you are even remotely uncertain that you'd pay him back, in full and with a bonus, then don't do it.

If you are confident that you will pay him back then I'd borrow the £1300 you need to clear your card. Then use your £100 that would have gone onto your credit card to pay your son back, but pay back £1400 instead of the £1300 you borrow. That way, your debt is paid off, and your son is £100 better off than he would have been if his money had just been left in an interest bearing account.

This is a sensible post. The fact that you are even asking suggests to me that you are a decent person and that you WILL pay it back to your son, much better to pay him back a bit extra rather than the money going to the CC company.

Crap_with_money.com

I'd be inclined to say use it to pay off the card too. As long as you're definitely disciplined enough to pay him back - personally, I'm probably not, so wouldn't touch the money, but as long as you pay back what you owe, then there's no harm done!

just my opinion though!:D

Fergie76

Owain_Moneysaver wrote: »

If you kept up the £150 per month it's going to take over 10 years to pay your son back for raiding the savings account.

What school did you stay away from? Try 9 months at £150 per month, 9 x £150 = £1350. And at the £100 rate that she is paying towards the card it would take 13 months.

Use the money to pay off your card and pay your son back. Like you say he won't even know.

Money_maker

LinuxAllTheWay wrote: »

My two cents:

1. Use the savings to pay off the CC
2. Close the CC account and any other CCs you hold
3. Pay back the 'borrowed' money with interest (£100 has been suggested above)
4. Inform a trusted friend of what you're doing. Don't ask their opinion, just tell them that you've done some deep soul searching and this is what you're going to do. Ask them to help monitor you to ensure at least every penny is paid back.
5. When you're son is older, inform him of what you did and why you did it. This will show trust and honestly plus teach him a valuable lesson in personal finance.

Like I say, just my two cents

I would go along with all of this except number 5. Using your childs money to pay for an emergency sits better with me than using it for debts. Problem is that if you have a tough month, its easy to say to yourself 'he's only 5, I'll pay extra next month' and so the vicious circle continues. I would also consider ditching the credit card - your spending has cost you money instead of getting a bargain.