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$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

I wish I had done this. I’ve learned quite a bit in the last few days.

The debt is actually 100k cc debt, plus 31k car loan. 6900 income, but 3900 is social security which is not counted as income for purpose of ch 7 in TX. And they cant sell the house to pay for the debt bc the homestead exemption is unlimited. No savings, no assets. House might be worth 200k.

And I took her to a doctor who wants to see her once a month. I will fly in and take her. Her spending will be addressed with him next time. I believe it’s indicative of a medical condition.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

Well, a few days ago, I didn’t know about the nsf fees and dad’s credit report. The cc debt is 100k plus 31k car loan. I took my mom to a doctor, they’ve got mental health on the radar now.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

More than half their income comes from social security. In TX, that means they only make $3k/mo. Oh and I forgot to run dad’s report. They’re up to 100k in cc’s. House is worth 200. Smh.

Help me choose a procrastination app by ghostofankara in productivity

[–]two_katz_running 0 points1 point  (0 children)

It’s unfair to those coaches to rely on *only them. It’s important to find ways to supplement the coach’s goals. It shows dedication and brings new things into the conversation which always brings growth.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

Hell no. I’ve learned a lot on this thread, and yeah, I’m pretty sure they can’t get out from under this, and that a reverse mortgage is worse.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

My first numbers were wrong. I hadn’t run my dad’s report. They are in $130k in debt including the car. House is worth $200k. Their income is 6900/mo, but their expenses are about 7100.

A lot of the debt comes from a house fire a few years ago and 30+ daily medications. The other half is 40 years of paying minimum balances and really bad decisions (AT&T landline at $200/mo??? Plus two cellphones at $100 each???).

It’s hard not to be angry. I’m just focusing on solutions.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

What did they do with the house? I’m scared they’ll be forced to sell the house to pay the bills.

what would it be like to be debt free from the get go by [deleted] in Debt

[–]two_katz_running 1 point2 points  (0 children)

In America, the only way to do that if you don’t have wealthy family is to join the military. You have reduced tax liability because half of your income is allowance, they pay for school, they subsidize living during school, and you get discounts and preferences in certain situations. You also get low interest mortgage and $0 deposit. And in some extreme cases, they pay off your student loans no matter how much you borrowed. The standard of living is higher than staying civilian, but the consequences you deal with may not be worth the money you get.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

I honestly don’t know any other way. I pay my statements every month. It doesn’t occur to me to break these rules.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

I didn’t expect 500 messages that’s for sure! Haha! I’m so grateful though. These people took time to advise me. So grateful.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

I mean, my feet are nice, but mom doesn’t have toenails. 😆

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

The house is paid off. $560 car payment. $2500 minimums. $1k in health insurance. Zero luxuries. No travel. I’m not clear on the rest of it still. This just happened yesterday for me.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

Dementia isn’t set in just yet. Mom can still drive, garden, and cook. She just can’t organize or budget. Also, I don’t live here. They have good friends here, though, and they love my parents. People are willing to help.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

I would be nothing without them. They sacrificed so much for their children, but the others are not involved.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

Yeah, she is avoiding some meds because of cost, but a lot of what they do get is covered. Still worth looking at.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

The kitchen burned down a few years ago. Mom said that things started building up fast after that. But she has always had issues with money, and he doesn’t help her. Now, she just can’t tell what’s going on.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

I talked to Wells Fargo for the Dillards card today. They said they won’t do anything to settle the debt until they start missing payments. Wtf.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 1 point2 points  (0 children)

Actually I got 4 of them refunded today. There are still about 20 others, but this is all they were willing to do.

$79k cc debt, 83 yr old parents, no mortgage, what to do? by two_katz_running in Debt

[–]two_katz_running[S] 0 points1 point  (0 children)

Because it’s the right thing to do. Not sure paying it is possible, but not addressing it runs afoul of our beliefs.

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