My sister and I spend the past several weeks attempting to make heads or tails out of father's financial situation. Very rapidly it became apparent he had been headed for disaster.
Father never met a credit card he did not like, nor an interest rate either. He would get a card to make payments against his other cards, then get a new one to make payments against that card! Ok, math and me were never friends, but father had a doctorate in mathematics! How dumb can you get? Even artist boy understands the concepts here of how this can only lead to disaster when you are on a fixed income!
But, it gets worse. Father also purchased a truck and a trailer as he wanted to drive back up to Alaska. (For my readers whom have been with me since blog number 1, you might remember I drove him down to Minneapolis from Alaska in January 2003 to have surgery). Fifty thousand dollars he indebted himself for, on top of nine credit cards!
At just minimum payment amounts, it would have taken father 23 years to pay off all of the debt on the day he died. And as it was, his payments were $554 more per month than his income.
Yeah, credit can be fun when you believe you are entitled to everything now. But tomorrow comes knocking far too soon.
I brought all of my kids together for dinner last night, including one virtual daughter I could get a hold of. I offered to pay for each of them, including myself, to go through a financial seminar - such as Rainey's. I can only hope they will accept the offer and live a life of financial responsibility.
And I pray each of you will as well consider attending one.....
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