Remember Kids, we have to watch out for our parents...

[Burned2manybridgesB4]

Decided to pop in and visit my Mum, since my hon had school/work going on, into the weekend....then we started talking bills, and primarily CCs.

Well, after some coaxing, she decided to drag out some bills (senior citizen that still uses postal to pay), and showed me her current APRs, and balances...

WOW....

She had some penalty APRs going on, from when my father passed, and she had problems keeping up, until her head cleared, but needless to say, two of her cards nailed her with the 29.99 garbage, and still haven't lowered it back since '11. BOA, and Cap.

I pulled her reports, and told her some options, and she was definitley "lost," so I had to push her to trust me. I then took out a calculator, and showed her what she'd save over the course of a "no fee/no interest for 15" BT. That changed her mind quick. 

Now she's in process for a slate, with a decent limit, and the best APR, post introductory rate.

[notfancy]

Congratulations to your Mom! It was really good of you to sit down with her and try to work those out! I know it isn't an easy conversation to have, especially with one's parents, but it can sure help them a lot in the long run.

[coldnmn]

Good job! I miss my mom and dad every day! I only wish I had been more like you when they were alive. Thanks so much for sharing!

[Creditaddict]

What a Suze moment, that's great that you were able to talk about it and help her out... sorry for the loss of your father though.

[OneDay_750]

This is inspiring! Thank you for sharing.

[aubie1kenobie2]

Good job! My parents used to be bad at understanding financial stuff too but one of my aunts straightened them out. Thank goodness for today's technology, I found myfico forums, and you guys straightened me out, lol.

[yudeology101]

WTG, great job on helping your mom!  Your MyFICO expertise did some work and i'm glad you were able to help your DM out  

[RushXTC]

Nice.

I'm kind of the opposite with my mom, I have high APR's attempting to lower them down and she has a 6% APR BoA card... =/!

[thom02099]

What a blessing you are to your Mum!  Your knowledge of credit put to good use!

This also should serve as a reminder to all of us with parents getting older, to not be afraid to talk to them about all things financial.  I never talked to either of my parents about their finances prior to them passing, although I knew that my Dad was a good planner.  My brother served as executor of their estate and Dad did indeed plan well for my mom, as us siblings got a rather nice inheritance.  My brother frequently talked to Dad about their finances, and presumably assisted him as he became more challenged to manage his own financial affairs.  I think it's our responsibilty as good children to look after the needs of our parents as they get older.   They took care of us when we were young, our turn to take care of them...willingly!

[gdale6]

Good job.

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@Burned2manybridgesB4 wrote:

Decided to pop in and visit my Mum, since my hon had school/work going on, into the weekend....then we started talking bills, and primarily CCs.

Well, after some coaxing, she decided to drag out some bills (senior citizen that still uses postal to pay), and showed me her current APRs, and balances...

WOW....

She had some penalty APRs going on, from when my father passed, and she had problems keeping up, until her head cleared, but needless to say, two of her cards nailed her with the 29.99 garbage, and still haven't lowered it back since '11. BOA, and Cap.

I pulled her reports, and told her some options, and she was definitley "lost," so I had to push her to trust me. I then took out a calculator, and showed her what she'd save over the course of a "no fee/no interest for 15" BT. That changed her mind quick. 

Now she's in process for a slate, with a decent limit, and the best APR, post introductory rate.

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