Short version. Just looking for some help in trying to explain WHY she should pay off her car and a large credit card debt.
My Mom has a credit card with 5 figures owed and a car loan that, if paid each month, will be done in February 2010.
She has 3x the amount needed to pay these 2 debts in the bank but she won;t pay them off now to free up some cash for monthly bills. She gets SS and has a part-time job. From what I understand, she keeps taking out of the savings account to make her bills each month.
If she paid off these 2 debts, she would save $750.00 per month.
When I showed her this last weekend, she told me she would think about it. I found out that she didn't do anything this week.
My Mom is old school in that she is afraid to take the money out of the bank because "once it's gone, it's gone."
Any new approaches we might try with her?
oh, she thinks that once her car is paid off, it will break down. No, I'm not joking.
I swear, sometimes I think my Dad is looking down from heaven and speaking through her.
