I'm 23 and my parents had me later in life. Both receive social security (totaling $3,000). Since I graduated I've been paying whatever their ss doesn't cover. I'm losing money paying their bills -I've given them over 10 grand already. I dont know what steps they should be taking now and they dont either. They have about $30,000 in credit card debt and the payments are about $550 a month. At first they thought about moving but I doubt they'll find anywhere cheaper (mortgage is $685 a month plus $210 hoa) . i was dropped from the family Health insurance once I graduated but the insurance said they would not lower the per month cost since my brother is still on the plan. This bill is the biggest $921, but theres car insurance, home insurance, cable (they refuse to drop this and honestly they dont do much but eat and watch tv). I have heard people suggest filing for bankruptcy, reverse mortage, my parents want to do a home equity loan but at this point that will just go to the credit card bill and I dont think it will improve anything. We're in florida if that changes anything. I just feel so out of my depth and I dont know what direction to go in. Is there any advice for this situation?
Okay edit: holy shit thank you all for responding. I'm slowly reading through comments, I guess I'll try to answer some common stuff up here 1. I do plan to stop paying, I set up a budget for them months ago and they didn't cut back or change their lifestyle. This is just so I can offer them with advice. 2. The scary thing is my parents do have small part time jobs. mom hasn't worked since I was born, but right now she pet sits for friends thought that amounts to maybe $50 a month. Dad works at the grocery store and they cut his hours recently so he gets maybe $200 a month. 3. The health insurance said because I was no longer a student I wouldn't be covered so I was sort of forcefully removed from the plan. 4. Before I started voluntarily giving them money, my parents were taking money from my brother's account since they had access. They took almost $7000 from him. I dont want him to have to think about any of this, he's 21 and he worked hard to get scholarships and is paying his way through college like I did. So I wont involve him any more. 4. My dad is 76, mom is 62. He is on Medicare but I have no idea how any of that stuff works so when he told me what the bills were at first I just assumed that was already the only option they had.
When I'm home tonight I'll post concrete numbers of the bills I consistently pay. I have access to their bank account and I send out all the payments after I transfer my money to their account.
Thanks again for all the advice, I feel like an idiot for not figuring this out sooner but I was just nervous to look into this at all for a while.
Submitted August 19, 2018 at 12:52PM by Parentspayplan https://ift.tt/2wdSwQa
