My (28f) mom is asking me to max out my credit card so we don’t lose the house. She is also maxing out her cards. She has a big loan on the house and the modification didn’t go through so now she has very little time to get the money together.
She said she would be paying the min amount off my credit card for a few months until she sells our old house (that she’s been renting since we moved out when I was 2). This will take a few months, most likely, so she couldn’t sell it before the loan payment is due.
I live at home and don’t pay rent and have since I graduated 4 years ago.
So she is pressuring me to do this since she has supported me the last few years.
Now obviously I don’t want to lose the house. But I’m wondering if this will drastically effect my credit score? Will paying off the min amount negatively effect me? What if she misses a payment? Please let me know any advice. Thank you!!!
Mom is asking me to max out my credit card (25k) so we don’t lose our house.
byu/kosmichorrors inpersonalfinance
Posted by kosmichorrors
4 Comments
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Lots of questions but first off, if your Mom is 28 how old are you? In regards to the rest, I highly advise you understand there is no guarantee that money will ever be given back to you. If you can afford to pay it off yourself then I would say yes, if not I think you should politely decline.
Don’t do it. This is the big risk of living with parents after college. If they aren’t financially stable, they can try to leech off of you.
Your credit will go to crap when you max out your cards. Not to mention that, at double digit interest, your balance and minimum payment will be high (and grow).
This is such a bad idea on so many levels.
>She said she would be paying the min amount off my credit card for a few months until she sells our old house (that she’s been renting since we moved out when I was 2). This will take a few months, most likely, so she couldn’t sell it before the loan payment is due.
She has been delinquent on her mortgage to the point of foreclosure… what gives you hope that she’ll make the minimum payments on your CC?
Seriously, please don’t do this. While it is sad that your mother might lose her house, she lost it because she failed to pay her mortgage. If you help her, she will likely find a way to not pay your debt (that she pressured into).