From Yahoo Finance: 2025-06-14 18:50:00

A couple in their 60s is facing financial strain due to $90,000 owed by their adult children and $50,000 in credit card debt. The couple’s income consists of Social Security and $46,180 annually. With a paid-off home valued between $600,000 and $1 million, they are seeking advice on smart debt repayment strategies.

Financial infidelity, such as hiding excessive spending, can be as damaging as traditional infidelity. While the adult children are making payments, it’s crucial to address the root cause of the debt. Creating a budget, prioritizing debt repayment, and potentially renegotiating debt with credit card companies are recommended strategies.

To tackle the debt, consider automating payments, seeking help from nonprofit credit counseling organizations, and exploring debt renegotiation with credit card companies. Paying off debts using the avalanche method (highest interest rate first) is advised, and downsizing to pay off debt and build a cash cushion is a potential solution. Trust and communication are key to avoiding future financial pitfalls.



Read more at Yahoo Finance: My husband committed financial infidelity and has $50,000 in credit-card debt. What now?