I’m not sure what to do?

I’ve been seeing this guy for what I was exclusively for about two months (no official label). We have been talking recently about being in a serious relationship for a little over a month. However he told me that he wanted one but he had to tell me something bad, essentially he slept with his friend two months when she came to visit him. We were starting to talk about being exclusive then, we had sex for the first time the week before (he waited for me to be ready since I was a virgin) and he has lied to me for two months. My heart is very raw right now. It isn’t cheating but it feels like it. Since there was grey area then, such as him not being that sure on an actual relationship with me, not being 100% exclusive etc, I’m not sure what to do. I don’t want to loose him because he is one of my best friends and I’m falling in love with him, but he has also hurt me so bad and lied to me. I’m really stuck with what to do. He is being truthful is how terrible he feels for hurting me and has been forward in telling me everything now, but I need to think about my own feelings (this is my first heart break and his first giant red flag).
Should I let some time pass and see if he makes effort to rebuild my trust? Or drop him completely?
I’m not sure what to do?
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