My dad has been helping me pay for college. He doesn’t want me taking any loans out and he insists that he can pay for all of it with his money. Let me preface this by saying I am super grateful he is even doing this in the first place, it is a huge help. I have my own bank account, however, he is an authorized user and has his credit card tied to it. My dad is terrible with money. He has a good paying job but wastes so much of the money buying useless crap we don’t need and overuses his credit card. He also doesn’t or barely saves to my knowledge and he uses the “im getting too old. “ excuse. He is terrible at stocks and always cashes out too early or too late and he’s lost thousands of dollars over the years because of this. I think he’s lying to me insisting that things are fine and that he can pay things off and all I have to do is just check my account and see the credit card usage keep jumping up. Right now it’s at 72%. He just put over 20k on credit. I got upset and confronted him when I first noticed my score going down a few months ago and he just told me to stop worrying as if I shouldn’t be concerned and that he will pay it off. It’s not terrible, still in the 700s but just barely hanging on. It was way higher before. I don’t really trust him at all. I’m a legal adult and he was also controlling when I made my account a few years ago and he came to the bank with me even though I could open one myself and tried to ask the guy helping us if he could have my bank account password “just in case” an emergency happens. I have been financially kept in the dark when it comes to the money my family has and where it’s going. Any advice would be appreciated. I don’t want him screwing me over financially.
original posted by OneLoan1523 to r/personalfinance on Wed, 20 Mar 2024 12:06:17 GMT.