Hi all! Just wanted to get your advice and thoughts.
Nalubog yung parents ko sa utang for various reasons including bad business decisions and early retirement without a plan. They don't oblige me and my siblings na magbigay regularly so usually, nag-aabot lang kami if meron. Hindi din kami inoobliga na bayaran yung utang nila. I used to send them money regularly pero nag stop na din ako for my mental health. Alam nyo yung feeling na kahit gaano kalaki yung ibigay nyong amount to help them, lahat dadaan lang and ipangbabayad din ng utang nila. Hindi man lang ma-spend yung mga binibigay namin for current needs and wants. Ang ini imagine ko before, nasa point na dapat kami na we're able to spoil them kasi senior na din sila pero lahat napupunta sa pangbayad ng utang. I stopped giving them money regularly pero sinasagot ko yung college tuition ng brother ko. And nagaabot din ako from time to time pero not to the point na nagaallot talaga ako monthly for them.
Anyway, nung kinamusta ko yung mom ko, she said na nasistress na din sya minsan sa utang. Nakakapagbayad naman sya monthly kahit papano ng around 15k pero more than half yung napupunta sa finance charges. Although they don't have jobs now, they earn from rental income monthly. 350k yung utang nya and she asked if I can lend her 100k and she'll pay 5k monthly without interest. Gusto lang nya mabawasan talaga significantly yung principal ng utang nya and hindi lahat mapunta sa finance charges. I can do that, lend her 100k but will that help? I was thinking of transferring the whole 350k to my credit card since lower interest yung sakin (Metrobank vs BPI) and installment namin yung boung balance and yung 15k na binabayad nya is at least controlled namin yung interest and finance charges. And kaya naman ng credit limit ko.
Medyo nagwoworry lang ako if sobrang commitment yung gagawin ko. I love my parents and would like to help them pero I don't want to over commit. Hindi ko din sure kung mababayaran talaga yung credit card ko monthly. I recently got married and I'm starting a family of my own and syempre gusto ko naman na healthy kami financially ng husband ko.
Any tips or advice? Thanks in advance!