Mississippi dad says he raided his 4-year-old's savings for $8K+ to pay off debt. Can he pay his son back?
Yahoo Finance·2025-12-05 13:30

Core Insights - A Mississippi father drained his four-year-old son's savings account, taking between $8,000 to $10,000, to pay off credit card debt incurred from family vacations [2][3][4] - The father justifies this action as a temporary measure, likening it to a "zero-percent loan," with plans to repay his son eventually, despite carrying an additional $90,000 in debt [3][4] - The savings account was primarily funded by gifts from relatives intended for the child's future, raising concerns about the child's financial security [4] Financial Behavior - The father has accumulated around $90,000 in debt, excluding his mortgage, largely due to frequent vacations and dining out [6] - He admitted to not informing his wife about draining their child's savings, indicating a lack of transparency in financial decisions [5] - The initial plan to pay off credit cards was short-lived, as new balances have already been accrued [5]