MAN PLANS TO LEAVE HIS “$100K IN DEBT PARENTS” WHO SPENDS ON USELESS STUFF
A man posted a story on Facebook seeking for finance advise after he his parents refuse to pay their outstanding loans and plans to run away.
The parents who are over $100,000 in debt often spend money on investment gurus and useless items.
Here is the story:
“Hi I would like to seek some advice and i hope the admins can put this up cause I really need it.
A and B just graduated and managed to secure jobs with $3XXX salaries.
A is from a low income family. A’s household debt crosses 100000. His parents aren’t well educated, cannot read english, and have a bit of mental issues like schizo/OCD/anger issues so they don’t take advice from him and are unwilling to change/pick up new skills. They are nearing 60 and have not paid their housing loan, and they demand that A should give all his salary to them. However, A’s parents often waste the money by gambling/buying useless things/getting cheated by insurance/investment gurus. A’s parents have many credit cards and do not even know how much they owe the banks.
A attended university on a scholarship. A has a younger sibling who is going to start university soon. A wants to save money for the younger sibling to attend university but does not know how to deal with the debt. A asked his friend B to lend him money ($10k), but B is hesitant to lend to A. A says he wants to abandon his family and move out and leave his parents to deal with their own debt. A studied engineering and has tried to learn about debt/finance/insurance but is afraid his knowledge is not enough. B also does not have such knowledge but wants to help. Is A left to deal with his parent’s debt for the rest of his life? Does debt from parents pass on to the children?
-What schemes are there to help people like A?
-Are there non government schemes to help A? Like from a mosque/church/charity group? Where can A find financial advice (for free) from trusted people who are not trying to sell anything?
-Should B lend money to A?
-Should B get involved at all?
thank you very much”
Helen Chee 26/02/2024
I think his parents are too much. We as parents dun have debts for our children to pay as we spend wisely within our means. lt's not right to spend unwisely and have debts, then expect your children to pay for them. Very irresponsible parents. Your parents caused the debts, they should pay them themselves not expect others to pay for their bad spending habits. Parents and children likewise should cause fewer problems to each other but make lives better for the family. My opinion and thoughts.
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