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I Need My Parents' Lives Back on Track
Death of Rats
Registered User regular
Registered User regular
This thread goes hand in hand with my other thread, but it's separate enough to warrant its own thread.
Both of my parents have worked very hard all their lives and have sacrificed so much for me and my sister. But at the moment their lives are in shambles, and I feel partially to blame for that.
My parents fell into the trap that a lot of people did in the early 80's. The trap that credit cards are magical money makers that allow you to live beyond your means. After over 20 years of abusing this and being abused by this (along with a lot of bad luck) they've finally reached a breaking point. There is absolutely no way they'll ever be able to dig themselves out of the dept they've created for themselves. Seeing how my dad is no longer able to work (but unwilling to get disability) they've gotten to a point where they have to use my Mom's paycheck to pay bills and minimum credit card payments. Then they put almost everything else on credit cards. No longer are they trying to live beyond their means, now they're just trying to survive.
They never miss any payments on anything, but all they're doing is building more and more debt for themselves. Another year of this, however, and they will reach the breaking point of no longer being able to make the minimum payments.
So what I'm wondering is should my parents consider bankruptcy? They're under the median family income for Illinois. Their debt is obviously something they're not going to be able to take care of. If they removed or lessened their debt my Dad's medical problems might be easier to take care of, and he might be able to get back to work.
Basically everything about their lives seems like it would improve from filing for bankruptcy, but they're too ashamed and... well... morally afraid to really look into and move on it. They feel like they'd be bad people if they erased their debt. But isn't that what bankruptcy is there for, to allow people who've made bad decisions a second chance and a fresh start? Wouldn't they only be bad people if they didn't learn from their mistakes and started living beyond their means again?
Both of my parents have worked very hard all their lives and have sacrificed so much for me and my sister. But at the moment their lives are in shambles, and I feel partially to blame for that.
My parents fell into the trap that a lot of people did in the early 80's. The trap that credit cards are magical money makers that allow you to live beyond your means. After over 20 years of abusing this and being abused by this (along with a lot of bad luck) they've finally reached a breaking point. There is absolutely no way they'll ever be able to dig themselves out of the dept they've created for themselves. Seeing how my dad is no longer able to work (but unwilling to get disability) they've gotten to a point where they have to use my Mom's paycheck to pay bills and minimum credit card payments. Then they put almost everything else on credit cards. No longer are they trying to live beyond their means, now they're just trying to survive.
They never miss any payments on anything, but all they're doing is building more and more debt for themselves. Another year of this, however, and they will reach the breaking point of no longer being able to make the minimum payments.
So what I'm wondering is should my parents consider bankruptcy? They're under the median family income for Illinois. Their debt is obviously something they're not going to be able to take care of. If they removed or lessened their debt my Dad's medical problems might be easier to take care of, and he might be able to get back to work.
Basically everything about their lives seems like it would improve from filing for bankruptcy, but they're too ashamed and... well... morally afraid to really look into and move on it. They feel like they'd be bad people if they erased their debt. But isn't that what bankruptcy is there for, to allow people who've made bad decisions a second chance and a fresh start? Wouldn't they only be bad people if they didn't learn from their mistakes and started living beyond their means again?
No I don't.
Death of Rats on
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If this keeps going on as it is, it'll get too high and then your parents will file for bankruptcy. Unless you intervene.
2) I suggest getting them to talk to a credit counselor. It's always possible to get themselves out of debt, they just need to put in the effort to do so.