Lifestyle

Dad sparks debate after charging ‘entitled’ son interest for borrowing money

A dad has sparked debate after he mentioned he deliberate on charging his son curiosity for borrowing cash from him – as some agreed however others declare he is ‘imply spirited’

A dad looking apologetic while his wife sits next to him
The dad desires to cost his son curiosity on cash he borrowed (inventory picture)

As a dad or mum of a teenager, instructing your kids the worth of cash is a vital lesson for them – however the way you go about it may be controversial relying on who you ask.

One dad on Reddit has cut up opinion after discussing the potential of charging his personal son curiosity on a “loan” he was planning to offer him, as whereas some agreed it was lesson for his future, others thought that as a dad or mum, profiting off of his son was improper.

The dad defined in his submit that his 19-year-old son needed to purchase a automotive however wanted some monetary assist, and reasonably than get a mortgage from the financial institution, his dad agreed to lend him some money.

But the catch? His son would nonetheless should pay curiosity on the mortgage, though it could be at a a lot decrease share than the financial institution would supply him.







His son would not consider he ought to should pay curiosity (inventory picture)
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Image:

Getty Images/Tetra pictures RF)

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The dad mentioned: “My son is wanting to purchase a car, so I’ve offered him a loan to help him out. I offered him a sum of money plus 3 per cent interest; a much lower rate than the 15 per cent he’d receive from a bank. Plus, we wouldn’t require a credit check.

“He countered with zero curiosity, the place he’d simply pay me again even, and be carried out.

“We had a spirited debate but I refused to budge. I think he’s being a little self-entitled about this. Am I the a**hole for asking for interest on the loan?”

The man’s submit sparked fierce debate, with some saying there was “nothing wrong” in asking his son for curiosity, particularly as it could educate him how loans work within the “real world”.

One individual mentioned: “Nothing wrong with some interest, the money won’t be worth the same when they pay it back.”

While one other added: “It’s important kids understand the way the world works. If you don’t actually need the money, may I suggest you hold firm, charge the interest and once the loan is paid off, surprise him by putting the interest towards his insurance or some repairs.”

But others have been infuriated together with his suggestion, claiming that he can be “creating resentment” in his son if he charged him curiosity.

Someone famous: “I don’t understand why you want to charge your own child interest. Is that supposed to teach him anything or do you literally wanna profit off your child? Because that leaves a bad taste in my mouth.”

As another person wrote: “There’s a difference between learning the value of money and creating resentment. It’s a loan so you’re not giving him the money. Assuming you have the money and aren’t taking out a loan yourself for it, it just seems kind of mean spirited.”

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