Our debts have changed!

**MomToTwoBoys** · 05-29-2009, 12:14 AM

FIL/MIL loaned us the money today to pay off both CCs.

A $4,600 payment went to VISA. A $4,700 payment went to Mastercard. That leaves us with covering the rest of the amount, which is less than $100 on each card. That leftover amount is what we'd be paying on our cards out of our own accounts today anyways.

As of two weeks from today, we'll be putting $200 per biweek towards repaying my inlaws. At the rate of $400/mo, we'll have them paid back in less than two years. There's a 0% interest rate on this loan, so it's all principle. DH will also be cancelling his TD Visa card and we'll be down to one card for emergencies. The card will only be used when we have a cash buffer to cover it immediately upon use. If we can't afford what we need to use the card for, we won't use it. Even if that means cancelling my gaming habit of $15/mo, it'll happen.

**cheles2kids** · 05-29-2009, 11:37 AM

That is awesome that they would help you out like that.
Even better still that your cc's will be gone now!

You will also be in a better position to help out your own kids one day, if need be.

Congrats to you! I can't imagine how wonderful that must feel!!

**kellieetter** · 05-29-2009, 11:41 AM

That's really great!! Congrats!!!

**Judi Dial** · 05-29-2009, 11:41 AM

Good for you!

Judi

**rowdy35** · 05-29-2009, 02:49 PM

KEWL. That is really great that the inlaws loaned you the $ at 0%.

**Palooka** · 05-29-2009, 09:33 PM

Yeah, what a cool deal!

**Debbie-cat** · 05-29-2009, 09:36 PM

How nice of them! Congrats!

**FrugalMomof3** · 05-29-2009, 09:37 PM

That's wonderful! So glad they helped you.

**gapeach** · 05-29-2009, 09:41 PM

That's wonderful news. Congrats!!

**Wendy99** · 05-29-2009, 09:47 PM

Must be a huge relief for you

Once you repay the loan you will have reason to celebrate even more!! That was so nice of them. Good for you both for changing your mindset - if you don't have the money you don't need it

YAY !!!

**Sassyclass** · 05-29-2009, 10:48 PM

Wow, you have inlaws like my x-inlaws. Very special. Congrats.

Cat

**Gardengal18** · 05-31-2009, 10:24 PM

Hummmm... I certainly wouldn't have even considered accepting something like this. Family/Friends relationships sometimes tend to get strained when it comes to borrowing/lending money. Not worth it in the long run if/when it goes to heck in a handbasket, but to each their own. Good luck I hope it all works out well for you.

http://www.daveramsey.com/etc/cms/lo...ney_5773.htmlc

**Luckybustert** · 06-01-2009, 01:51 AM

I also tend not to mix finances with friends and family, but I'm glad things are working out well for you. It's very generous of your in-laws to help you like that.

**Palooka** · 06-01-2009, 02:51 AM

Originally Posted by Gardengal18

Hummmm... I certainly wouldn't have even considered accepting something like this. Family/Friends relationships sometimes tend to get strained when it comes to borrowing/lending money. Not worth it in the long run if/when it goes to heck in a handbasket, but to each their own. Good luck I hope it all works out well for you.

http://www.daveramsey.com/etc/cms/lo...ney_5773.htmlc

You should just be happy that this poster is finding a way for her and her family to pay down their debt. I doubt her family member would have done this if they didn't trust them.

This will give you less to complain about come tax time.

**Luckybustert** · 06-01-2009, 03:16 AM

Originally Posted by Palooka

You should just be happy that this poster is finding a way for her and her family to pay down their debt. I doubt her family member would have done this if they didn't trust them.

This will give you less to complain about come tax time.

Hi Palooka

I'm wondering is it possible you misread or misinterpreted Gardengal18's post? I didn't see anything that indicated she was not happy for the poster or any comment suggesting a lack of trust. She said it wasn't an arrangement that she would personally be comfortable with because relationships can all too often become strained over money. I said the same thing in so many words, and we both indicated our happiness/good wishes for the poster.