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Pricey Dave,
Our 21-year-old son is in faculty, and we’ve all the time warned him to avoid bank cards. Regardless of our warnings, we lately realized he bought a store-branded bank card. The excellent news is he has stayed below the credit score restrict. The dangerous information is he has by no means made any funds on the purchases he made, and now he owes about $3,800. He’s a very good pupil, and my husband and I wish to take a look at this as a teenager’s one-time mistake. Do you assume we must always repay the cardboard for him simply this as soon as?
Melinda
Pricey Melinda,
Imagine me, I perceive you wanting to assist him out. It means you’ve bought a very good coronary heart, and you’re keen on him. No father or mother likes seeing their youngster in a foul state of affairs.
There’s a actuality right here, although, I hope you gained’t overlook. It’s his debt, not yours. He knew what he was doing when he signed up for that bank card. He knew what it meant, what was anticipated, and he’s the one who ought to make good on the compensation. There’s nothing unfair about that.
Now, you’re proper. This is a typical younger individual’s mistake. And like a number of errors our children make, it’s one which’s dangerous and great on the identical time. It’s dangerous as a result of if he had simply listened to you and his dad, he would’ve averted the entire mess. It’s great, although, as a result of it offers you two the chance to offer him with an actual world, teachable second.
At this level, my recommendation is for each of you to provide him an incredible massive hug, and lovingly clarify the place he went mistaken and why it was a foul thought. If you would like, you possibly can even go a step additional, and assist him discover a part-time job if he doesn’t have one proper now, so he can repay his debt and get out of this mess. It’ll take some planning and self-discipline on his half, however go away the funds to him. Hopefully, by the point he finishes working his tail off—and scrimping and saving to pay this debt—he can have realized a lesson he’ll bear in mind for the remainder of his life.
—Dave
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