We are just over £4,000 in debt – a combination of a visa bill of £2500 and an overdraft. DH has always had these but always been able to clear them – unfortunately he didn't before my contracts dried up and he had to start paying for our entire household budget!
We're soon to be in a position to begin seriously clearing this debt, but two days ago our car died. As we are in debt already, I think we should spend as little as possible on something old but hopefully reliable. DH's parents have told us that this is madness and offered to lend us £4000 (!!!!) to buy something better! My parents have also offered to lend us money, but I am too embarrassed to tell them about the debt. Basically, his family and mine have very different attitudes towards debt. I know we are very, very lucky to have been offered this money but I am uncomfortable about accepting it.
I know my idea is risky (if new car worth £900 dies or is a money pit), but I really don't want to be in debt to the tune of £8000.
Who is more mad – him for agreeing with parents, or me?