When to Say ‘No’ To Requests for More Money
More Parents in Debt
Hundreds of adult Americans, aged 22 and over, are working full time and earning a decent wage, yet they depend on their parents for financial assistance. These are students who have urged their parents to take out personal loans to finance their education. Having convinced their parents about the necessity to borrow money, these students work full time. The end result may be a drop in grades and extensions of loans taken out by parents. Parents are increasingly looking for answers from counselors about how to say the one word to their children: “No” to any further assistance.
A Parent’s Dilemma
Parents go through enormous lengths in order to see that their children get the best available education. They take out loans and run up credit card debts to see that the demands of their children are being met. Education is one of the primary requirements for a successful career, so they spare no expense to take out more loans than they can afford. Trouble comes knocking when the children in turn fail to return the favor and make more demands on their parents. Rather than help parents who have reached the peak of their years and income by giving back some of the money they have earned, the children look to spend the money on themselves and their desires. When they run out of funds, they return to their parents, who are already financially burdened, for more aid. How long can parents continue supporting their children?
Tough Times Ahead
If the economy was doing better, things may be different for parents. However, that is not so, and parents are finding it harder to fund the demands of their grown up children. Expenses are not getting lower, while parents, who are looking to make sufficient adjustments to meet these requirements, are getting more and more financial requests from their children. Taking out personal loans is not a solution for such people as they have to be returned in a short time, but, at the same time, refusing assistance to their children can lead to strained relationships and/or even violent behavior.
Say the Dreaded Word
Having to say “no” to financial assistance to their children is one of the most difficult phases in a parent’s life. However, the time has come to put a foot down and make their children realize that things are not the same anymore. Parents may need counseling or assistance to say the dreaded word if it is required. This could spare them of the shame of having to face a debt collector who may empathize with their cause, but will not sympathize with their condition. Children could also be asked to undergo counseling with an intention to create a change in their behavior. Difficult as it may seem, it may be the only choice outside of taking out another personal loan. The only other option that a parent may have in case of failed measures to improve the situation may lie in using the dreaded word, NO!