Debt in parents name

[Chainedmelody]

Hi,

i got myself into some debt that was accruing a lot of interest. Despite my best efforts I was unable to shift the debt to cheaper deals/0% cards etc. the debt is £15k

my parents (both in 70’s) we’re keen to help and allowed me to transfer the debt to interest free cards in their names.

this has massively reduced the interest costs. I make the payments from my bank via direct debit so it doesn’t cost them anything at all.. it’s just in their name

despite being massively grateful I can’t help feeling guilty and as though I’m taking advantage. They tell me that I’m overthinking and that it makes no difference to them as it doesn’t cost them anything etc

am I over thinking?

If you are making the payments then you aren't taking advantage. These of us with a good credit rating get offered way, way more credit than would be remotely sensible to use so your parents wouldn't be planning to use that credit anyway. If you are making oayments on time regularly then you aren't taking anything from them.

However it would be good to have a small amount of credit in your own name because the process of making regular on-time payments will boost your own score and make it easier to get better deals.

You’re paying it off so you have nothing to feel guilty or ashamed about. Keep up the payments. Your parents sound lovely to help you like this.

It could be an issue if either of them gets ill or passes. Any overdue debt will be taken from the estate.

If they want to take out any credit themselves, they may struggle. Tbh, I'm surprised a credit company allowed that level of unsecured debt on two people of that age. Do they still work?

Assuming they know all of the downfalls of this, I guess they're adults and can make the decision themselves but it's not something I'd be looking to put upon my elderly parents.

Yes you're overthinking. They've done it willingly and probably no impact on them if they don't need to borrow money.

They're probably also comforted that they've been able to help, rather than see you struggling, made worse by high interest costs.

As long as you keep up payments don't worry about it.

I would do it for my DD in a second, as long as she was definitely going to keep up the payments, I wouldn’t want her to feel guilty but I would expect her to make sure she doesn’t end up in debt again.

I would be repaying the maximum I could each month - without putting yourself at risk of needing to get into any more debt to cover your outgoings.