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Parental bailouts are nothing new in our society. In college, I had a roommate who received an allowance from her parents for food and utility payments, but oftentimes, within a week or two of receiving her monthly stipend, she'd suddenly be out of funds. However, her parents were well-off and completely unaware that their precious college girl was spending all of her money on parties, themed outfits, and socializing. Alas, whenever my friend would ask for money, they would oblige with no questions asked.
Until now, that's how I thought most parent loans worked. However, the couple in this next story is a warning story for anyone thinking of using their parents' bank accounts as a fallback. You never know what kind of strings will be attached…
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Image is representative only and does not depict the actual subjects of the story.
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Couple diligently repays a $10,000 loan from the husband’s parents until their father-in-law suddenly demands an additional $9,500 for “skipped” payments and unsolicited gifts: ‘I don’t want to pay him a cent more’
Family loans can be a slippery slope. On one hand, family members can help bail out their relatives without interest or controlling behavior, but oftentimes, that generosity can have strings attached. In the case of a couple who went viral for their family loan troubles, their repayment plan nearly doubled when they borrowed $10,000 from the in-laws.
Apparently, the unsolicited "gifts" and skipped payments weren't a part of parental mercy, but a ploy to get more money out of their kids in the end. Ultimately, this is one family loan that got paid back in spades, but drove a wedge between a struggling couple and the selfish parents who only saw them as a recurring payment.
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