Real Life MMD: Should the cash go to my kids or pay off debt?
in MoneySaving polls
85 replies 15.3K views
Former_MSE_Lee Former Editorial AssistantFormer MSE
Money Moral Dilemma: Should the cash go to my kids or pay off debt?For the first time I'm getting money for the kids from their dad. When he wasn't giving me any money I spent the majority of mine on the children's shoes, glasses, food etc, and have racked up a bit of a credit card debt. I feel very guilty, but is it okay to put the cash towards the monthly direct debit of that debt, or should it go on the kids?
Click reply to have your say
Previous MMDs: View All
[threadbanner] box [/threadbanner]
This discussion has been closed.
Latest MSE News and Guides
Did you know there's an MSE app?
It's free & available on iOS & AndroidMSE App
Regifting: good idea or not?
Add your two cents to the discussionMSE Forum
Energy Price Guarantee calculator
How much you'll likely pay from AprilMSE Tools
More to the point. Credit card debt is bad. You don't want to be paying interest on credit card debt. If you pay off your credit card debt using the money from their father then you will no longer be paying interest to the banks and in future will have more money to spent on the kids.
Look at it as a sensible short term option (paying off cards) to give your kids a long term benefit from the money from their father
Your money that you don't now spend (because you are spending his money instead), that goes towards paying off your credit card.
MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote
Proud Parents to an Aut-some son
As long as it gets paid off, the sooner the better, you have single handedly supported those children without the fathers financial support. If he had taken his responsibilities seriously then you wouldnt have the debt in the 1st place. Then in the long run you will be a lot better of financially.
His money, your money is irrelevant.
:T fortune with those less fortunate :T
:T than themselves - you know who you are!:T
Aslong as the kids are getting everything they need, then throw as much as you can at the CC debt, because you are paying through the nose in interest for that.
If you want to be pedantic (as some posters apparantly do) then ring fence the maintenance and put the money you are saving yourself on the debt. The children will ultimately benefit because you will be doubly better off when you are no longer servicing debt so it is in their interest to to get rid of it asap.