So my mother in law has been given a short amount of time left. We have been going through the finances to make sure all affairs are in order as she is the one who manages it and my father-in-law doesn't know or want to know.
What has been uncovered is eye opening to say the least.
Some background:
On the surface they both work full time, One at a tech job and one does Accounting.
They have two fairly upper class cars (Lincolns), both less than 3 years old and they also pay for one other hatchback for my sister-in-law.
They have a pretty big house in the suburbs.
On the surface they look pretty well to do, and nicely put together.
Lets dive in to the demons behind it:
House has a bunch of home equity loans against it,
over $60k in Credit Card debt
over $40k in Personal loans
$50k in car loans
and another $80k in student loans for the kids.
what about Retirement you ask, well thats less than $100k in a 401k but it used to be $700k but they withdrew from it over the years. Both are just over 60 years old.
How does it get so bad? they have been abusing this for years and using loans like paychecks. Whats astounding is that there is so many credit cards with tiny balances on them (<$1k) while others have ($25k) now these may just be the card limits, and they still somehow have good credit????
So yeah.......
Submitted May 07, 2019 at 03:03PM by BadgerOfParadise http://bit.ly/2VNXMJ3
