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No. of Recommendations: 4
Roy says:"When it come to a point of requiring your in-laws bail you out, one needs to recognize that drastic changes are required."

I took the OP's OP as "we recognized our finances came to the point of needing drastic changes, therefore we reached out to the in-laws. Part of those changes needs to be WRT how we use our CCs."

I APPLAUD the OP and spouse. And the in laws for being a family, and ACTING like a family.

The OP has revealed that they have an amortization plan with FIL, and intend to follow it. Good for them!

OP, if you are still reading, make certain you honor this agreement, FIRST, each month. This TRUST is a gift. Build on it and your family will be stronger. 🙂. Your family (in laws, siblings, parents, etc) is a lot more interested in your success than any bank/insurance/loan/etc company.

OP and spouse are exploring the pros and cons of CCs. Good for OP and spouse!

A debit card carries a large risk: If anyone hacks it, steals it, etc, then the owner is often financially responsible for whatever the thief does with it. The only real limit is how much is in the bank account to which the debit card is attached?
A CC fraud loss is often limited to some nominal amount (mine is $50, total).
A prepaid card loss is limited to the amount on the card?

ralph, who thinks family should help family, if possible.

Yeah, we read about the horror stories, but usually don't hear about the success stories.

I have been helped by family and repaid the loan (amortization table) etc. In order to build my house, cause banks etc won't lend money to a self builder.

I have also lent money to family. Some was a success, one was a disappointment.
I only lend what I can afford to lose.

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