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08/12/14
17:50
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Originally posted by baxtermcfaxter
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I gave my son and daughter a credit card with a low limit thinking they would be responsible adults , learn how to manage money and budget.I even deposited $200 to give them a kick start.
The bank manager rang me yesterday to advise me that their bankcard debt had exceeded $60,000 and he had given them additional credit as he said I was a good credit risk....he thought I would guarantee the increase...
They had wasted money on indulgences , lavishing goods and money on all their freeloading mates and recklessly lent the card to others. Evidently I have 30 phone plans....
When I stated to them , we have to budget and clean up this mess , they just laughed me off .
I started an austerity program , not too severe , but most of our luxuries are foregone and we will have to economise on
other activities and household goods and clothing etc .
My kids now hate me and scoff at me , and all their freeloading friends deride me for taking away their freebies..
Am I doing the right thing even though my kids hate me????
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Did you take away their education and health care? That is how you get them to listen, do not worry about wasting your time on taking away luxuries, hit them where it really hurts.