🔺 r/personalfinanceuotaalk·17 days ago
I need serious help guiding my 70 year old in-laws through their financial situation
Please help, my 70 year old in-laws are in almost 100k of debt. My in-laws are in the negative and I’m trying to figure out the best path forward. They’re both 70. Fathers in-law has recently been diagnosed with conditions that heavily affect his ability to operate and remember things. Mother in-law works as a preschool teacher. Neither is good with finances, they’ve stuck their head in the sand for half a century. For the first time in about 50 years we sat them down to look over their finances and things look bleak… They bring in about 50,000 a year combined in social security Mother in-law makes about 10,000 a year as a preschool teacher. Combined that’s about 5,000 a month. They have about 15,000 in retirement… They have 8 credit cards with about 17,000 in debt across them. 1 of them has been charged off but is for 9,500. Car #1 is a 2014 Subaru Outback (worth 8 grand if we’re lucky) with 14,000 still on the loan. But this vehicles registration has expired and needs to be brought to the mechanic. It was my father in-laws before his health declined. Car #2 is a 2019 Subaru Legacy (worth 12 grand if we’re lucky) with 5,800 still on the loan. This is what my mother in-law drives t…