No. of Recommendations: 12
good memory AJ

Good, but not that good. As Joel suggested, I clicked on your profile.

just a year older and still in debt

I know that you want to help your son by lifting some of the burden from him and you think that co-signing for his student loan consolidation will do that. But in the long term, you will be signing up for the opportunity to increase the burden on all of your kids by doing so.

Student loans are generally non-dischargable in bankruptcy. By becomeing a co-signer, you are legally obligating yourself to those loans, and cannot discharge them even if you declare BK.

So, assuming you want to, at a minimum, pay off your debt before you quit working, you now have $20k more that needs to be paid off. Do you think you can continue to work that long? If not, who will pay the debt?

My retired mother cannot afford her lifestyle as she wants to live it. Even though she has no consumer debt (where you will be if you pay off your debt before you retire), she has a mortgage payment that is about 50% of her SS. She can't refinance her mortgage because she doesn't have the income. She is burning through her savings to support her lifestyle. I know that part of the reason she is unwilling to sell her home and move in with me (which I have offered ever since she retired) is that she doesn't want to be a burden. But is it more burdensome to come live with me while she still has some assets, or after she's run through all of them and has to depend completely on SS?

Unless you are going to be working until the day you die (often not physically possible) and let all of your debt obligations die with you, with your debt burden, you will probably end up being a burden to your kids. And even if you do work until the day you die, they're still going to have to pay for the funeral.

Sorry, but you really need to make a lifestyle change. And NOT co-signing for your son's student loan consildation will be a good first step.

AJ
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.
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.