How do I tell my parents they cant borrow a large sum of money from me? -

First off. I am 20 and a college student who dorms and at the moment does not have a job. The money i have in the bank I earned over the summer or had extra from student loans. My parents just found out they owe 500 dollars. I know for a fact they will probably be asking me to borrow that money. (They already owe me 500, becase they bought my old laptop off me) I have enough, but if i give it to them I am going to be completly screwed for next semester books and the cost of living. And I know they will take months to pay me back. How do I say no? Because I know if I say no my dad is going to flip out and call me selfish. They also might ask for my credit card, and I cant take the chance of them messing up my credit history which I have been working very hard at. Also, my parents are NOT helping me pay for college, so that wont be brought up. They are only helping me by paying my cell bill.|::::|You are in a very tough spot. Mixing money and family is very tricky and often disastrous. You obviously do not have enough money to loan out. You have an expense coming up that will have to be paid. That means you just do not have the money. I would simply let them know your money is accounted for. You need to point out that you also have expenses that must be paid. I would never loan my credit card to anyone, ever. I actually have cut up all of my credit cards. You may want to tell them you are unable to use your credit card at this time. I mean the economy is falling all around us. You need to have some kind of back up plan. Mind you, I never advise someone to use a credit card, even in an emergency. I always recommend using a savings account. With all of that said, I would have to say that you need to just put your foot down and tell your parents you do not have the money right now. Maybe your father or mother needs to look at getting a second job in order to get through this. I highly recommend going to Dave Ramsey s web site. www.daveramsey.com. He is a great debt counselor and faces these types of questions all of the time. Remember that money and family are a sticky combination, so tread lightly.|::::|You are going to have to tell them you are short of money, and if you lend some out, you will not be able to afford college. You have to make some tough decisions, and you cannot lend them the money. Refuse to give them your credit card. Tell them you can lend them money when you are out of college, have a job, and have a nest egg built up. One trick you can try is asking them for money first. Ask them if you can borrow a thousand dollars from them. They will say no, but it will be hard for them to borrow money from you when you are trying to borrow money from them.|::::|I would tell them you can t financially do it right now. Tell them that you know the amount you need for next year (even if you don t) and that what you have in savings is already as good as spent, and if you don t have it, you will not be able to afford next semester. If they ask for your credit card, tell them you cut it up because of the economy and temptation to use it (whether you did or not). It is not any of their business whether you have one anyway, since you are financially independent from them. Then, perhaps let them know of some other sources they can use to get the money. Do a little research, and show that you do care about them, even if you can t loan them the money right now. Perhaps the place you can get payday loans? Or a bank loan? How about they get their OWN credit card? Credit unions? Remember, you did not get to choose your parents. You don t owe them anything that will screw up your life. It is wrong of them even to ask. Be strong.|::::|Tell them the truth. You don t have the money. Your parents need to better manage their money and you giving them money isn t going to help them. If your dad flips out tell him sorry but this isn t selfish. You withholding from your parents is loving. They are the selfish ones buying things they can t afford. If they asked you for money to get drunk you wouldn t be helping them would you and it wouldn t make you selfish. If they are having a hard time paying off $500 they have problems. They need to go out and make more money and cut back on their spending.|::::|At times like these it is best to find common ground. Anything involving money and family can be a bit messy. My recommendation is to first consider the possibility of loaning your parents a portion of the total amount such as $250 or even $200. Advise your parents that you need some of the money to pay for books and that you are already budgeted. If you can t afford to give them anything advise your parents that you wish you could help them but at the moment you just can t. But assure them that once you do have the extra cash that you will send some their way. The credit card is a bit difficult. I m going to assume it is your own card under your name and you re not piggy backing on their credit. Let them know that you only use that card for emergencies and if you can fib about the credit line. quot;I only have a $300 credit linequot; then they might reconsider. I don t want to sound paranoid, but this would be a good time to put a credit freeze on your account so no new credit cards are opened in your name. I m not accusing your parents of forging to get a credit card, but these are hard times. Just a suggestion. In my experience, parents just want to be reassured that their children are willing to help. I think that if you are able to work something out, that would be best. If not, you are going to have to bite that bullet and say quot;no, I m sorryquot;.|::::|your parents took care of u for the last 18 yrs......u need to give them the money