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Reply to "MIL's out-of-control spending"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]How is the credit card debt your problem? You are giving her the money for the basics to survive (house, utilities, food). Any debt she incurs needs to be her problem. Keep paying for her basics but not with any of this new debt. [b]General financial question - at her stage in life, what are the consequences for getting a bad credit score[/b]?[/quote] same as in any other way - limited ability to get good loan, auto insurance rates might be affected, certain employers are checking credit history (nobody will hire CFO or comptroller with bad one)[/quote] Pretty sure MIL isn't searching for C-suite opportunities. If they can't get a mortgage/re-fi, oh well. They're stuck where they are. Agree with PPs that DH and BIL should consider only helping with bare necessities. Let her get hounded by collections, or file for bankruptcy. [/quote]
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