Time to come clean... and I am scared
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| 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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You need to sit down and talk with them about it.
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 ...."
Come clean, you'll feel better about it all.
Norma
"Patience is the best remedy for every trouble"- Plautus
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
There are alot of people in your situation, including me....I signed up with a credit counseling center hoping to get my
Bankruptcy stays on your credit history for 10 (not 7) years now.
Thought I would make that correction
Kelly
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!!
Your post lacks many points...have you always lived at home?
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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