A month or so ago, I stumbled upon this video from Timothy DeLaGhetto on YouTube
If you don’t know, Timothy DeLaGhetto is a YouTube personality – he’s a rapper (Traphik), comedian, and vlogger. You may recognize him as one of the comedians on Wild’N’Out on MTV.
The video is pretty short, but if you can’t watch it, here’s the gist – Timothy paid off his parents’ house. He goes into the “why” of it all in the video, and seeing his parents’ reaction was really touching.
This brought up something I wanted to bring up to you guys. Would you pay for your parents’ debt?
Paying Off Your Parents’ Debt – Why You Should
My case is kind of different in that the mortgage of the house we live in is actually under my name. But let’s also talk about other kinds of debt – credit card debt, personal loans, car loans, etc. If I had my money right, and I could afford to do so, I would love to pay off my mom’s bills. Simply put – she’s done so much for me that I can’t even begin to repay her. Paying off her debts would be a great way for me to show her that I appreciate all that she’s done for me.
I’ve also heard others say that paying off their parents’ house would be a sign that they have “made it“. Not only is it a big “thank you” to your parents, but it’s also a goal that people just want to be able to say that they’ve accomplished. I’ve heard this mentality not only with paying off your parents’ mortgages, but also with buying your parents an expensive car or even a luxurious vacation.
With that being said, there are also a few reasons why you should not be paying off your parents’ debt.
Paying Off Your Parents’ Debt – Why You Shouldn’t
If you are still in debt yourself, don’t even think about paying off your parents’ debt! As much as I appreciate all that my mom has done for me, I don’t think she would like it if I went into debt just to pay off hers. There are other, more affordable ways to show your gratitude and a lot of it has to do with your every day attitude towards your parents. Simply spending time with them may be enough.
Also, I know of parents who are already expecting their child to pay off their debt. They end up acting less responsible with their money in the hopes that their kid is going to take care of it. Personally, I would never put that on any of my future children. If that’s the only reason why you’re even thinking about paying off your parents’ debt, then I don’t think you should. Not only does it put a whole lot of pressure on you, but you can also grow to resent your parents for expecting these things of you.
Ultimately, this is a decision that is up to you. If you’re funds are right, and you really, truly want to do this for your parents, then go for it! I think Timothy DeLaGhetto’s choice was a great example. Personally, if I didn’t have all of this debt and all my retirement funds were on the right track, then I would think about paying off my mom’s debt. But until then, I’m going to show my gratitude in other ways.
What do you think? Do you think about paying off your parents’ debt? Why or why not?