Parent lost their job. Sigh.

[Anonymous]

Last time she was out of work it took 2 years to find something. It's because she switched industries at 55 years old and personality wise is kind of crazy and very abrupt. Now she's almost 60 and I know it'll be even harder to find something. Selfishly, I'm upset because DH and I just saved a good chunk of money to pay off our CCs and now I'm thinking save it to help her (she is single) because she would help any of her kids in a heartbeat. Just a vent and I guess advice is welcome from anyone that has btdt.

[Anonymous]

CC debt is horrible debt to carry. Pay them off ASAP. Then you can think of other ways to help your mother. In the meantime, perhaps she needs to look into part-time work to keep up with her bills while she looks. I'd hesitate to help someone who loses their job because of their personality flaws.

[Anonymous]

Don't help your mother. You need to pay off your own ccs and keep yourself solvent. CC debt is not good. She can always get a part time job.

[Anonymous]

Anonymous wrote:Last time she was out of work it took 2 years to find something. It's because she switched industries at 55 years old and personality wise is kind of crazy and very abrupt. Now she's almost 60 and I know it'll be even harder to find something. Selfishly, I'm upset because DH and I just saved a good chunk of money to pay off our CCs and now I'm thinking save it to help her (she is single) because she would help any of her kids in a heartbeat. Just a vent and I guess advice is welcome from anyone that has btdt.

I don't think you should put yourself in financial jeopardy, but I also think you should do your best to help however you can, even if it is a stretch. Because of the bolded. That matters. A lot. However, it's ultimately her life and not yours so you can only help so much. But do help. (sorry if that is so conflicting as to make no sense )

[Anonymous]

Definitely pay off those CCs - do it now, before she can even ask for help.

If you can help her in other ways, do, but don't help her by taking on debt that you don't have the money to pay back.

[Anonymous]

Pay off your credit cards. How is she with her finances? Perhaps send her to a Dave Ramsey Financial Peace University class to get her in the mindset to manage her money well. I'd find other ways to help other than jeopardize your own financial welfare.

[Anonymous]

Agree with the other posters. Pay off your credit card debt and then worry about helping her. Help does not always equate to money.

[Anonymous]

Going to go against the tide here and say pay off what CC debt you can but put something aside to help her. Realistically you are probably going to need to unless she can scramble quickly. Regrets about how you didn't help your parent are worse than credit card debt.

[Anonymous]

Crazy op. Do you have children? They come before any adult member of your extended family. If you have cc debt you aren't saving money. You are an irresponsible parent if an adult comes before saving for your kids

[Anonymous]

Pay off your own debt. Then, if you have money left that you can afford to do without, and if she asks, you can help her.

But pay your debt first.

[Anonymous]

Also, I'm just going to say, you should not be "saving up money" to pay off CC debt. Every time you have money to go towards that, you should put it towards the balance immediately. CC have HIGH interest rates. You want to get the balances lower ASAP. That means you don't "save" $50 to put towards the credit card in 2 months. You put that $50 right towards your balance today, right now.

And as soon as you are done, you start putting any extra cash into savings. I assume you don't have a savings account, which is not good with small kids. Pay off the CC asap, and start putting money every paycheck into a savings account.

[Anonymous]

Pay off the credit cards. You will be able to help her more if you aren't throwing away money paying interest. You can always go back into credit card debt if you change your mind.

[Anonymous]

Thanks you guys make a good point about the interest. That 200-300 could go to her a month if needed.

[Anonymous]

Anonymous wrote:Also, I'm just going to say, you should not be "saving up money" to pay off CC debt. Every time you have money to go towards that, you should put it towards the balance immediately. CC have HIGH interest rates. You want to get the balances lower ASAP. That means you don't "save" $50 to put towards the credit card in 2 months. You put that $50 right towards your balance today, right now.

And as soon as you are done, you start putting any extra cash into savings. I assume you don't have a savings account, which is not good with small kids. Pay off the CC asap, and start putting money every paycheck into a savings account.

+1000.

OP, your checking account probably gets no interest. Your credit card debt is at what, 18 %? Every month your money sits in your checking account you are effectively *spending* it at 18% APR. Put it toward your CC debt right now, leaving just a little to float you in the case of an emergency.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Also, I'm just going to say, you should not be "saving up money" to pay off CC debt. Every time you have money to go towards that, you should put it towards the balance immediately. CC have HIGH interest rates. You want to get the balances lower ASAP. That means you don't "save" $50 to put towards the credit card in 2 months. You put that $50 right towards your balance today, right now.

And as soon as you are done, you start putting any extra cash into savings. I assume you don't have a savings account, which is not good with small kids. Pay off the CC asap, and start putting money every paycheck into a savings account.

+1000.

OP, your checking account probably gets no interest. Your credit card debt is at what, 18 %? Every month your money sits in your checking account you are effectively *spending* it at 18% APR. Put it toward your CC debt right now, leaving just a little to float you in the case of an emergency.

+1 As you get the extra money, send it to the cc company right away! It makes no sense to save money to pay off cc debt when you could just be paying it off incrementally.