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

A father has sparked debate after he said he plans to charge his son interest for borrowing money from him – as some agreed but others claim he is “wickedly temperamental”.

A father looks apologetic while his wife sits next to him
The father wants to charge his son interest on borrowed money (stock photo)

As a parent of a teenagerTeaching your kids the value of money is an important lesson for them — but how you go about it can be controversial, depending on who you ask.

One father further Reddit is divided after discussing the possibility of charging his own son interest on a “loan” he was about to give him, as some agreed it was a good lesson for his future, while others thought he could as parent would benefit from his son was improper.

the dad explained in it his post that his 19-year-old son wanted to buy a car but needed financial help, and instead of getting a loan from the bank, his father agreed to lend him some cash.

But the catch? His son would still have to pay interest on the loan, albeit at a much lower percentage than they did Bank would offer it.







His son doesn’t think he has to pay interest (stock photo)
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Image:

Getty Images/Tetra images RF)

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The father said: “My son wants to buy a car, so I offered him a loan to help him. I offered him a sum of money plus 3 percent interest; a much lower rate than the 15 percent he would receive from a bank. Also, we would not require a credit check.

“He countered with zero interest where he would just pay me back and that’s it.

“We had a lively debate, but I refused to budge. I think he’s a little self-conscious. Am I the asshole to charge interest on the loan?”

The man’s post sparked heated debate, with some saying there was “nothing wrong” with asking his son for interest, especially as it would teach him how loans work in the “real world”.

One person said, “There’s nothing wrong with some rates, the money isn’t worth the same when you pay it back.”

While another added: “It’s important for children to understand how the world works. If you don’t really need the money, I can suggest that you hold on, calculate the interest, and surprise him once the loan is paid off by spending the interest on his insurance or some repairs.”

But others were furious at his proposal, claiming it would “cause irritation” in his son if he charged him interest.

Someone remarked, “I don’t understand why you would want to charge your own child interest. Is that supposed to educate him or do you want to literally benefit from your child? Because it leaves a bad taste in my mouth.”

As someone else wrote, “There’s a difference between learning the value of money and instilling resentment. It’s a loan, so you don’t give him the money. Assuming you’ve got the money and you’re not taking out a loan yourself, it just comes across as kind of mean temperamental.”

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https://www.mirror.co.uk/lifestyle/family/dad-sparks-debate-after-charging-26618976 Father sparks debate after charging 'entitled' son interest for borrowing money

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