N
nuchka84
Guest
My mother-in-law was unemployed for a couple of years, so she ran up a lot of debt. My husband (we weren't married at the time) gave my MIL $25,000 to clear her debt. She is horrible with finances, my husband admits this, and recently racked up another 15k in CC debt. (She is now employed.) My husband really wanted to help her pay down her debt, so he opened a CC account with a lower interest rate and she's been paying down her debt for the last few months.
My husband wants to pay off the credit card completely in the next month or so. There is still 11K left on it. I think that we should just let his mom continue to pay it down, but my husband is worried that she will be paying interest. As a compromise, we decided to charge her the interest rate that we are losing out by taking money out of our money market account to cover her debt, which is a really low interest rate (under 2 percent). My MIL is sore that we are charging her interest, and my husband is reluctant to do so, but I am insistent based on principal.
Am I being unfair here? If it were me, I wouldn't accept assistance from my kids anyway, let alone get mad when they charge negligible interest on a loan. It's a lot of money. What do you think?
My husband wants to pay off the credit card completely in the next month or so. There is still 11K left on it. I think that we should just let his mom continue to pay it down, but my husband is worried that she will be paying interest. As a compromise, we decided to charge her the interest rate that we are losing out by taking money out of our money market account to cover her debt, which is a really low interest rate (under 2 percent). My MIL is sore that we are charging her interest, and my husband is reluctant to do so, but I am insistent based on principal.
Am I being unfair here? If it were me, I wouldn't accept assistance from my kids anyway, let alone get mad when they charge negligible interest on a loan. It's a lot of money. What do you think?