I am 18, and in in £1000 debt from overdraft, do I tell my parents or pay it off myself while at uni?

Question

I looked at my online bank for the first time in a month, and found that I have been unauthorised overdrawn by £245 for 20 days...thats about £1000 of debt. I have two options:

1)Cry to my parents, and get them to pay it off and say that I will pay them back the full amount in the future. (I crashed my Mum's car a few weeks back)

2) Do I borrow the £245 off friends to stop the interest and pay it off bit by bit at uni and live on pennies?

Answer 1

Tell your parents and let them help you figure out what to do.

Figure out a budget and stick to it. Many college kids get way in debt very quickly because its so easy to get credit on a college campus. This is a hard lesson to learn but you need to learn it fast and not rely on anyone being able to bail you out.

Answer 2

ask for ur paretns help

Answer 3

tell  your  parents ,dont hide it and be worry all the time ,worst true better than best lie  

Answer 4

In your status option 2 would be your best choice at this time because you may cause some waves if  you  go about it in any other way and stop using checks get a pre paid credit card with a limit  

Answer 5

you should take responsibility for your actions.

tell your parents but DO NOT let them get you out of this. you need to learn a lesson.

sell your old clothes, and other un used stuff and get a J-O-B

Answer 6

dude 1000 bucks, thats it.  what are you some sorta under educated hick with to concept or money

Answer 7

at 18 you are an adult. you need to act as one and a) keep track of your own debt b) take responsibility for it and c) dont do it again. It has nothing to do with your parents or your friends. Why would you expect to borrow the money from them without paying interest.

Answer 8

Deffo parents!!!

i had a very similar experience! got into trouble with my overdraft, and i was starting to get bank charges.

so i told my mum, and she transferred money into my account so i wouldnt get charges, and then i just paid her back!

So much easier owing money to your mum rather than the bank! cuz if your skint one month your mum might let you off, where as a bank will not!!

Answer 9

Grow up and pay it yourself its your debt.