Hi r/pf
I’m not sure if this is a r/relationship question, but I figure I ask here first.
I’m heading into my last year of university and had enough saved up to pay my tuition in full (after aid), but long story short to get around loopholes about assets (which heavily impacts your financial aid package for college) I worked it out with my parents I would pay off some of their outstanding loans/debt and they’d pay me back later. Yes I know I know don’t loan money unless you’re prepared to gift it and to be honest even if by some awful reason my parents lose their jobs and can’t pay me back, I’m fine with it since they put me through my first two years of university and paid a pretty penny to do so.
Now, after this happened I learned a lot about their financials that frankly scare the hell out of me. I grew up always thinking we were solidly middle class, but now that I’m more educated and aware I realize that I grew up in a high SES household (~95th percentile). Seemingly, they were always stressed for money and living paycheck to paycheck, but now I know it’s because of all the frivolous spending they do (I.e. new TVs every other year, a boat they haven’t touched in a couple years but still pay insurance on). After I effectively transferred all of my savings, it still wasn’t enough to pay a single credit card off, and I saw they had another one with a balance that was even higher than that
How do I address this with my parents? I don’t want to sound like a child lecturing their parents, but given their salaries and our relatively lower cost of living I can’t fathom how they can be in so much debt.
Submitted June 30, 2018 at 05:15AM by verbyournoun123 https://ift.tt/2MAIAqn
