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Pricey Dave,
Our 21-year-old son is in school, and we’ve all the time warned him to steer clear of bank cards. Regardless of our warnings, we just lately realized he acquired a store-branded bank card. The excellent news is he has stayed beneath the credit score restrict. The unhealthy 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 great pupil, and my husband and I need to have a look at this as a teen’s one-time mistake. Do you assume we must always repay the cardboard for him simply this as soon as?
Melinda
Pricey Melinda,
Consider me, I perceive you wanting to assist him out. It means you’ve acquired a great coronary heart, and you like him. No dad or mum 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 reimbursement. There’s nothing unfair about that.
Now, you’re proper. This is a typical younger individual’s mistake. And like plenty of errors our children make, it’s one which’s unhealthy and fantastic on the identical time. It’s unhealthy as a result of if he had simply listened to you and his dad, he would’ve prevented the entire mess. It’s fantastic, 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 offer him an amazing huge hug, and lovingly clarify the place he went improper and why it was a foul thought. If you’d like, you’ll be able to 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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