#SharedCreditCardIssues #FinancialResponsibility #FamilyDynamics
Dealing with Financial Stress in Relationships
Are you facing a situation where your significant other’s dad is consistently running up a shared credit card, causing financial strain and stress? It can be a challenging and tricky situation to navigate, but there are steps you can take to address the issue and protect your financial well-being.
Setting Boundaries and Taking Control
One of the first steps in dealing with this situation is to set clear boundaries and take control of the shared credit card. It’s important to communicate with your SO’s dad about the impact his actions are having on your finances and to establish firm boundaries moving forward.
Exploring Alternative Solutions
If your SO’s dad insists on using the credit card for his living expenses but is unable to pay off the debt, it may be time to explore alternative solutions. This could involve transferring the debt to a separate account in his name or finding other ways to help him manage his expenses without relying on the shared credit card.
Seeking Professional Advice
In situations where the debt on the shared credit card is escalating and causing financial stress, it may be beneficial to seek advice from a financial advisor or counselor. They can provide guidance on how to manage the debt, protect your financial interests, and navigate complex family dynamics.
Final Thoughts
Dealing with a shared credit card issue involving a family member can be emotionally and financially draining. It’s important to communicate openly with all parties involved, explore alternative solutions, and seek professional advice if needed. Remember, your financial well-being is important, and taking proactive steps to address the issue can help protect yourself and your relationship.
If she’s the primary account holder, she is 100% responsible for the debt.
She needs to close the card right now so he can’t keep using it.
>She also offered to pay it off, close the card, and not allow him to use it anymore. (No longer an option)
Why is this no longer an option? She can remove dad from the account, or close it altogether.
>I’m worried about how the debt will accumulate and that she will be responsible for paying all of it, with interest.
Yes that’s exactly what will happen.
>Or even that I will somehow get hit with it because of my shared assets with my SO.
You won’t be responsible for the debt
>They have tried to get the debt transferred to an account that is just his, but no lenders will let him have an account without someone else on it
Correct, that is not an option
What’s happening here is very weird. If he is an authorized user on HER credit account, then she can and should remove him. You’re behaving as if you guys are somehow powerless. You’re not. She’s a grown adult who is making $19k a year. She should not have someone else running up debts that are half her yearly income.
What’s happening here is very weird. If he is an authorized user on HER credit account, then she can and should remove him. You’re behaving as if you guys are somehow powerless. You’re not. She’s a grown adult who is making $19k a year. She should not have someone else running up debts that are half her yearly income.
End the account now before it goes further.
Is he an authorized user or a co owner.?
End the account now before it goes further.
Is he an authorized user or a co owner.?
Take him off as an authorized user today. She is going to have to figure out how to pay the $10k, it’s her debt even tho he accrued it. He is only going to dig the hole deeper and more difficult for her to get out of. I’m sorry.
She needs to remove him from the account to prevent any further charges. If the account is in her name and he is an authorized user then legally the debt is hers. There is nothing she can do about that except pay it down. If you are married and have shared assets it’s possible they could be seized to satisfy the debt if she defaults and is sued.
Most cards are 20-30% APY which at 10k is more than a month of income for either of them lost to interest.
This doesn’t seem like a plea for financial advise as much as it is a request for confirmation that your SO needs to have a difficult conversation with their dad.
‘Needing the card’ may as well be written as, “living beyond means”. My suggestion would be to offer creating a budget for the father, develop a card repayment plan, cut up the card.
This was a lesson learned for all parties.
Remove home as an AU and get the card reissued so old card is blocked
Remove him as an AU and get the card reissued so old card is blocked
Is this a joint card or are one of them an authorized user?
If it’s joint card, both of them usually have to agree to close the account. If authorized user, then she can just remove him or remove herself depending who’s name the card is under.
Question: It is meant as serious and with respect….
How does a 30 year old person only make 19k a year? What does she do for a living? Is this in the US?
Transfer the balance to low(er) interest card then close the old one. Dad has no access to funds from her or you all unless he performs some labor or until after he pays you back. Sit down with him and set up a budget for him to live off his income. That’s about all you can do.
Why don’t you help her out?
She needs to set boundaries. She needs to either remove him as a user, lock the card, or pay it off and close it.
2k/month = 24k/year…. dad makes $5k a year more than daughter, but he’s abusing her credit and can’t survive without it…. 👍
There’s no current “welfare” that provides $2000/month.
SSI max for an individual is $934/month.
Even with SNAP benefits and Medicare/Medicaid subsidies it’s nowhere near $2K. Also, working-age men have a much harder time qualifying for public assistance. If they’re over 65 or disabled it’s easier.
Something doesn’t sound right.
You really should not get involved with somebody this stupid and lacking in a backbone.