No. of Recommendations: 4
<<The worry is that they will fall back into or never get out of their habit of using credit cards. Relapse is a possibility with any "addiction" however my parents have already made changes to their spending habits (while not all are good changes), in terms of CC's, well before I became involved in helping them. All of the CC debt from above has been sitting on those cards for a long, long time. They no longer carry any of the cards with them. Everything is paid for through their ATM/Debit card. Everything except the CC bills that is. My dad got into the habit of paying off one debt by incurring another, perhaps we could call that the melting of the snowball. My mom never uses a credit card, shes no worry.
>>


Congratulations on taking your own financial education in hand and, I presume, devloping some financial goals for your life.

I echo what others have said, though: it's generally a mistake for children to try to parent their parents.

From your comment above, it appears that your parents have already staunched the flow of excess spending. What I'd be worried about is that by showing them how they can tap their generous pensions, dad will decide he can start indulging his spending again.

Actually, I'd say they are in pretty good shape as is because of the generous pensions they will receive. The only hole in that is whether the pension amount is inflation indexed or not. Most private pensions are not, but a lot of government pensions are inflation indexed.



Seattle Pioneer
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