Massive credit card debt (payment, rates, creditors, income)

[SaucyAussie]

Is 19K really that much? Probably not far from the national average.

[moxiegal]

Now why would you want to pay their debts? And you say yourself, that it is unfamiliar territory to you. Just stay out of it. It is neighter your responsibility nor concern. They are adults, and have created those debts themselves.
If THEY need credit counseling, then it is up to them to pursue it.

[HappyTexan]

So pay it off and then what ? Watch them run up the debt again ?

[Aredhel]

If you want to help them out financially, pay for needed home repairs, not the credit card debt.

[Lacerta]

Personally, I don't think $19k is all that massive. Sure it is about $15k more than I've ever had, but compared to the average American, that isn't that high. Less than the cost of many new cars, anyway.


I agree with Aredhel. If you want to help them, I'd see if you could help their house not be so run down, instead of paying off unsecured debt.

[arleigh]

We found our selves in a crisis and filed bankruptcy ,
We found a" public scribbler " to help us fill out the necessary paper work and then went to a hearing to have our case examined and approved.
We could not get credit for 7 years but that actually helped us in the end manage our funds better.

[GeoffD]

The challenge the OP has is managing their spouse if their spouse decides that their parents need to be bailed out. I can think of two friends where problem in-laws was the root cause of their divorce.

[Love&Dillenbeck]

The fact that you have money to help your in laws (and are willing to do so) shows you have a good heart. You may want to save that money for an event that the law/a lawyer cannot help them remedy. I know it may not sound popular, but I cannot tell you the number of people I've talked to whose family has given them 10s of thousands of dollars to get out of debt and they still end up having to file for bankruptcy. Giving them that much money is really only worth it if its going to eliminate their debt problems entirely, if its not going to do that then you're throwing good money after bad. A good lawyer is going to be able to help them put together a solid and thorough game to solve the problem. It may be bankruptcy, it may be something else, but you (and them) will have a more thorough understanding of how your money will be able to help them. If you need a referral for a lawyer go to the nacba.org and use the lawyer search function to find one in there area. If you don't like what the first one says, seek a second opinion (like you would with a doctor). Again, the biggest thing is to make sure that your money cures the credit card debt isn't simply a $9,000.00 band aide.

[oregonwoodsmoke]

Originally Posted by cornblitz

..... $19,000 in credit card debt, and this came as quite a shock.........They own their own home, though it is quite dilapidated. .......

Just a suggestion: leave their credit card debt alone. You pay it off, then they have the opportunity to charge more. They won't lose their house over a credit card debt. That is unsecured debt.

If you want to help them, instead verify that the house payments and taxes have been paid up to date, and then take that $19,000 that you intend to give them and fix the house up. Pay for a new roof and some exterior paint. Fix the porch railings. Maybe install some handicapped features if they intend to stay there and grow old. Hand rails sort of thing.

[Nolefan34]

$19k may be insurmountable for an elderly retired couple on a fixed income. Unless this part time job pays him extremely well, I don't see them having the means to pay that debt off. Do they have other funds in savings accounts or stocks that can be sold off to pay down the debt?

The $19k might just be the tip of the iceberg. You may discover additional debts you are currently unaware of. Their spending habits will likely continue and they'll be back up to $19k in no time. It may get worse and worse as they age.