Is it normal to be concerned about mom's financial request?
My Mom asked me to do something recently that has me concerned. She is in A LOT of debt. She and my father are trying to pay off several loans and credit cards. My Mom basically forced me to apply for a $20,000 loan so that she can eradicate her balances with the accounts that have accumulated the most interest. She has given me her word that she will make the payments on time and will have this loan paid off in 3 years.
I am concerned because I am basically lying to the bank and telling them I need the money to go back to school for my Masters. Is this illegal or considered to be fraud? I am also concerned that this will affect my ability to obtain a loan that I may really need in the future whether it be for a car, house, wedding, baby, or to ACTUALLY go back to school for my Masters.
I love my Mom. She has been good to me all through my life and she's been so supportive. She and my Dad put my brother and I through college. The car I drive now was inherited from my family too. I live with them BY CHOICE and 1/3 of my salary goes to my parents. I also cover all of my personal bills and expenses, so I'm basically independent. I feel very fortunate to have a great family and I feel like I owe them the world, but I know that a line has to be drawn somewhere. If I had kids, I don't think I would demand so much money from them, ask them to partake in suspicious dealings, or maintain a disposition that they owe me anything more than their love and respect.
Is it normal to feel that what my Mom is asking me to do is wrong? What would you do in my situation? I would greatly appreciate any helpful advice. Thank you.