:hsdunno: Question unanswered.

 

1. Grow a pair of balls.
2. Tell your inlaws that their financial troubles are not your responsibility.
3. Step up to your wife, tell her to let them know they're in trouble. If your in laws never find out that they're in financial trouble, they'll never change their mismanagement.
4. Never divorce your wife, from the look of it she'll take everything you've got and you probably wouldn't mind.

 

dude you bought a ~$35k car on a $50k/year income????

 

everything has already been said in this thread. the more you keep paying their bills, the more dependent they become.
the in-laws are driving an m3? wtf? tell them to sell it and pay off their debt. they don't like it? too bad. they bought a car they can't afford. it's their problem, not yours.

 

Do not borrow money to pay off borrowed money; that's all credit is. It is very poor thinking. The in-laws need to learn and apply the concept of 'delayed gratification'.

Take away their cards and destroy them. Then help them come up with a list of ideas to generate some cash flow so THEY can pay off their bills. This will most likely include them selling some belongings. They will have to learn to 'do without' until their debt is cleared up, and then buy luxuries ONLY when they can pay cash for them.

In the meantime, take your job opportunity to build a future for you and your wife. Help her to understand that you want to help her parents, but you're not going to do it for them. The root of the problem has to be eliminated, and it's not the credit debt; it's the in-laws thinking and beliefs about money. It's kinda like doctors who prescribe medications to treat symptoms of illness, but fail to prevent further occurences in the future, which is changing poor lifestyle habits (i.e. overeating, smoking, excessive drinking, not exercising, etc.). In this case it's beliefs about money and poor (or none) money management.

Credit is a great tool, if used properly. Most people don't see it as a tool. Most people see credit as a means to buy things they don't need with money they don't have to impress people they don't like. There is a valueable lesson to be learned with this experience, so take notice and recognize it.

If you pay off their bills for them they will not respect you. Decide to lead them out of it and to stay out of it. Do that and they will respect you, and you'd be pleased with the way your wife treats you having 'saved' her parent.

Give a man to fish and he eats for a day. Teach a man to fish and he eats for a lifetime.

Good point. You should get rid of the Z, not for her parents, but for you. You will be stressed about the payments as long as you have it with your current income. You will have to learn to do without also. Nice car, but your wallet is not ready for it.

 

Try and trade them in for new in-laws. :dunno:

 

Thats what I was thinking.


Stylin.

I'll give you 25k for it.

 

thats not on top of his mortgage payments and other bills;

 

actually i got the car OTD with tags tax title for 29XXX, the car alone got for 26,6000. Plus my wife works so I can pay for the cars with money left over.

 

My suggestion?

Buy a miata for under 4k. ;p

Seriously?

Why are they driving an M3 and you're paying their bills? HELLO!!!!!!

You need to have a "sit-down" with the in-laws because money matters are serious business. Work out a monthly budget for them. If they still manage to dig themselves into debt, its out of your hands bro.

And on a serious note. You shouldn't be making such large purchases/financial commitments when starting a new job. You HAVE TO ASSUME that you're extremely dispoable during the first year of employment.

3 month probation? maybe. I wouldn't feel comfortable buying that car till I had at least 10k put away in dispoable income.

25k and I'll fly out this weekend. =)