No. of Recommendations: 2
I would try to negotiate better rates on the credit cards, but "let" the parents work on paying them off rather than pay them off by transferring debt, which is a dangerous illusion. I think they will have more motivation to pay off credit cards than to save to replenish their retirement savings, and that will make up for any difference in interest.

Most people run their credit cards back up after a debt consolidation, even with the best of intentions. I did :( I think your parents need to really *feel* themselves digging out of the hole in order to have a change in attitude.

Best of luck. I recommend Dave Ramsey's Total Money Makeover for them to read. He's a very motivational speaker too, and can encourage them in their resolve to pay off the cc's and continue to live without them.
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement