Afford Anything Ask Paula: My Parents Are Drowning In Credit Card Debt. What Should I Do?
Mar 1, 2023
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Avoid Liability for Parents' Debt
- You won't be legally responsible for your parents' credit card debt unless you co-signed on the accounts.
- Any inheritance you expect could be reduced to cover their debts after they pass.
Ease Into Money Talks
- Start money conversations with your parents casually and non-threateningly by sharing stories or mistakes.
- Use everyday topics to gradually open up and ease into heavier discussions about finances and estate planning.
Safe Saving Options for Short Term
- Avoid stock market risks when saving for short-term goals like a down payment.
- Consider inflation-protected securities and certificates of deposit to preserve and grow savings safely.