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Children helping parents get out of debt

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Children helping parents get out of debt

edited 5 October 2010 at 3:23PM in Debt-Free Wannabe
31 replies 15.6K views
isy1011isy1011 Forumite
513 posts
edited 5 October 2010 at 3:23PM in Debt-Free Wannabe
I have read a few threads on here now about 'children' helping their parents get out of debt.

Im not sure what people think about it but it does seem to be too much of a burden for 20,30,40 somethings who are trying to build their own lives, raise children, afford much more expensive mortgages than their parents, have cuts to their savings and pensions that they also have this burden aswell.




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Egg April 10 £6600 Jan £4678 now £0
Santander Jan £3414 April £3338
Virgin April£2643 Aug £3155 April £7109
Barclaycard Oct £1476 April £1287
So far paid off 17% of c.c. debt:T
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Replies

  • I see where you are coming from, but I wouldnt be where I am without my parents support.
    I'm not a big earner, but if my parents ever needed anything, I'd do what I could for them.
    Geek by Nature.. Geek by Profession!
    Home Owner as of 01/10/2014
    Married to my Soul mate 15/06/2018
  • I think familes should stick together, help each other if they can. I have helped my parents out a few times and they have helped me.

    I know when me and my BF have children my Mum would childmind them for me for free (I wouldn't let her do it for free but she would never ask for money), I doubt we could afford children without her help or at least not for a long while.

    I’m back and more determined than ever!!!!!
  • Oh yes that is true. We all contribute to my mums nursing home fees but we always anticipated that would be the case and we do that happily. It does seem to me though that there is a generation of people who are shouldering the financial burden from both ends.

    For example when my mum was raising her kids she didnt pay for nursery, there wasnt a nursery she could have paid for - her mum helped out. Unfortunately society is not structured in the same ways anymore. There was recently a report in Spain to say that Grandparents were striking because they feel they are being exploited. Yet the 20, 30, 40 year olds have to both work now or they couldnt survive.
    Egg April 10 £6600 Jan £4678 now £0
    Santander Jan £3414 April £3338
    Virgin April£2643 Aug £3155 April £7109
    Barclaycard Oct £1476 April £1287
    So far paid off 17% of c.c. debt:T
  • Barricade wrote: »
    I see where you are coming from, but I wouldnt be where I am without my parents support.
    I'm not a big earner, but if my parents ever needed anything, I'd do what I could for them.

    Very true :beer: :T
    :heart: A Mother Is Someone Who Lets Her Heart Run Around Beyond Her Body..... :iloveyou:
    :heart: Mummy Of Two & Bride Too Be August 2011. :heart:
  • edited 30 September 2010 at 3:37PM
    tasha-debttasha-debt Forumite
    973 posts
    edited 30 September 2010 at 3:37PM
    What annoys me is people like my friend who lives at home and pays no rent, buys no shopping and her parents bought her a new car last year. She also does not household chores. She is 29 years old, yet she will get annoyed when I say my budget will not allow for another night out this month!!!!

    I live at home but pay rent, buy shopping and do my fair share of the house hold chores. My family are a team, we all pitch in and pay our own way but if someone had a problem we would help. I was very silly when I was younger, hence my debt but I do know thw value of money now unlike my friend.

    I would feel guilty not paying towards the cost of me living at home..... but then there is always the flip side, I have another friend whose parents charge her £500 to live at home.....thats a bit excessive I think to make a profit of your children I think.

    I’m back and more determined than ever!!!!!
  • But dont you think the girls parents have allowed that situation to happen? Buying her a car and not charging rent etc. Your parents probably taught you the value of things.
    Egg April 10 £6600 Jan £4678 now £0
    Santander Jan £3414 April £3338
    Virgin April£2643 Aug £3155 April £7109
    Barclaycard Oct £1476 April £1287
    So far paid off 17% of c.c. debt:T
  • I totally agree but I always think that she is an adult now earning a good wage, I always wonder why her concious has not kicked in yet.......

    I’m back and more determined than ever!!!!!
  • some people have no shame- its a fact.
    Egg April 10 £6600 Jan £4678 now £0
    Santander Jan £3414 April £3338
    Virgin April£2643 Aug £3155 April £7109
    Barclaycard Oct £1476 April £1287
    So far paid off 17% of c.c. debt:T
  • Mmmmm very true.

    But back to the original point, I would help my parents if I could afford to as I know they would always do the same for me. But If I say cleared a credit card and they then run it up again I would be !!!!!! off and not help again.

    I’m back and more determined than ever!!!!!
  • I'm quite lucky in that my mum doesn't have any debts or anything that she needs help with in that regard.

    She doesn't have a lot of money though, so I give her some to buy shopping with whenever I'm over visiting.

    Everything helps :)
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