How do i stop my 18 year old son taking out loans and getting in to debt?

DominicJ_2

Are you sure his £950 wage isnt just to cover the interest on his payday loans?
That would explain why its all gone on payday, for three months running.

anguk

I agree with the others, stop bailing him out, he has to learn that he can't continue spending and getting loans and the only way he'll do this is by himself. As long as he knows you will bail him out he'll continue to do it. I know it's hard as a parent to let your child do their own thing but you have to for their own good.

I've got an 18 year old daughter, she's very money savvy or as my OH will put it "as tight as a ducks ar*e" and she keeps a very tight grip on her money. She knows that she needs a credit rating so in the future she can rent/buy her own place etc so she got a store card (New Look) with £100 credit limit, she'll buy something on the card and the day the statement comes in she pays the full balance. She would rather not have the card but she knows she has to build some sort of credit history.

The problem is many 18 year olds aren't money savvy, they get tempted by all these loans and credit cards, it's great when they're spending it and it seems like easy money but then they struggle to pay it back.

immoral_angeluk

DominicJ wrote: »

Are you sure his £950 wage isnt just to cover the interest on his payday loans?
That would explain why its all gone on payday, for three months running.

Also worth an ask whether he has issues with drugs or loan sharks...

barbarawright

Another thread where the OP hasn't returned...