Time to come clean... and I am scared

iVillage Member
Registered: 01-19-2010
Time to come clean... and I am scared
13
Tue, 01-19-2010 - 2:20pm

Hello... I am new to the board and I am hoping to get some guidance and support. I am 26 years old and currently over $32,000 in credit card debt. I also have a car payment. I am still living with my parents which makes this situation that much more ridiculous. I have made a lot of bad decisions and I am so ashamed that it got this bad. My parents are encouraging me to move out on my own, but they have no idea how much debt I am in. I want to tell them but i am afraid of what their reaction will be. They are both financially stable and brought us up to manage our money... but obviously i didnt take their advice. Has anyone else had experience with this? Should I tell them or is there something I can do on my own. Right now I am basically paying only interest because my rates are so high and if i keep this up i will have this debt the rest of my life.


I am at a loss... and looking for any advice!


Should I tell them... or should I suffer in silence??


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iVillage Member
Registered: 03-27-2005
Tue, 01-19-2010 - 2:37pm

You need to sit down and talk with them about it.

iVillage Member
Registered: 08-04-2008
Tue, 01-19-2010 - 3:48pm

Looks like a tough position and I am sure they love you.


Instead of dropping a bomb on them "well Mom and Dad it looks like I will be living here the next 30+ years and will share your retirment because ...."




iVillage Member
Registered: 10-01-2008
Tue, 01-19-2010 - 3:48pm

Come clean, you'll feel better about it all.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 08-24-2007
Tue, 01-19-2010 - 4:48pm

Hi Rockstar,


I am the mother of a 26 year old daughter who moved back home 2 years ago saddled with $55,000 of debt from student loans.

Kate


empty purse

iVillage Member
Registered: 01-16-2010
Tue, 01-19-2010 - 6:47pm

There are alot of people in your situation, including me....I signed up with a credit counseling center hoping to get my

iVillage Member
Registered: 05-26-2004
Tue, 01-19-2010 - 7:03pm

Bankruptcy stays on your credit history for 10 (not 7) years now.

Thought I would make that correction

Kelly

iVillage Member
Registered: 01-19-2010
Tue, 01-19-2010 - 7:07pm

Thank you for all the helpful advice... it seems like most of you think i can benefit from telling them. They are pretty supportive, but I am the last of 3 still at home so they want me out on my own. They are responsible so they wouldnt force me to leave if they knew there was a chance i could be back.
I started this day feeling really bad about this situation... and while it is still hard... your words of encouragement and advice have definitely helped!

I am so thankful I found this board... and I will keep everyone updated!

Thank you!!

iVillage Member
Registered: 12-29-2008
Tue, 01-19-2010 - 7:26pm

Your post lacks many points...have you always lived at home?

iVillage Member
Registered: 01-19-2010
Tue, 01-19-2010 - 7:31pm
I do pay rent to them... and the debt happened when I was away at school mostly. I have been working since the age of 15 so they never anticipated any problems with me financially. I have never asked them for money or help (aside from living with them). I pay for my own groceries, car, insurance... and have just been living way beyond my means. It has taken me 8 years to get to this point, and I am fearful that when I move out I will be worse off because I cant put any money towards the debt. I am single and have no kids. I work 80+ hours a week but am salary so the amount never changes. I would love to get a second job, but my hours at work are ever changing so I dont know what place would accomodate that.
iVillage Member
Registered: 07-10-2003
Tue, 01-19-2010 - 7:53pm

I would also say tell your parents about the debt BUT I would also try to develop a plan of attack first, so you can tell your parents you are facing the debt and dealing with getting rid of it.

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