Background: my dad (69) was a taxi driver and my mom is a maid. My mom (59) takes home about $30k a year, we're not sure what my dad made but around $20k a year is what he reports.
Me and my brother just graduated college and will be entering the work force. My mom is still working and my dad just retired.
Problem 8 years ago my mom learned that my dad had $50k in credit card debt. My mom was devastated, so we had to refinance our mortgage to get a lower interest rate. As of today, we still have $250k on our mortgage left with 3.5% interest.
Now today we just found out my dad opened more credit cards and is now $40k in debt. We're not sure what to do. I want my mom to retire at a reasonable age, but I also don't want to cripple myself financially making big monthly payments.
What is the best way to go about this? We haven't confronted our dad about finding out yet, because he will only yell and be non-responsive. He's also in the hospital now recovering from a heart surgery, so we don't want to have the conversation in the hospital.
Submitted July 11, 2017 at 08:48AM by daddebt http://ift.tt/2sLLqj0
