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That's brilliant actually..
Op how old are you because age is definitely a factor in this type of thing, also parents of leniency for consumption. If this is a "only slightly fucked" sort of thing, tell the ttruth, apologize for lying, and pay for the handle.
If its gunna be a year ruiner, how suggest getting a new handle and hiding it in a similar spot and trying the misplaced card.
say you took it with the intent of replacing it before they got back. say you're sorry and that the reason you denied it was because you didn't have the means to replace it yet and you were embarassed.
Then say you really don't want to go behind ther backs again, and would appreciate it if they'd just buy you alcohol from here on out.