Recently found out my dad is 30,000 in debt. ARGH! how can we make the money?

Question

any ideas?

eg. game shows ect.

Answer 1

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Answer 2

Hi,

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Answer 3

You should help him to identify why he is in debt.  Unless that 30k was a single expenditure, like a medical problem, unemployment, etc, he is probably spending more than he needs to spend, or is making a series of bad choices, like building credit card debt.  Assuming he makes more than he needs to survive on, help him to implement a saving process, and a plan to pay back the money.

Answer 4

I know this is probally not what you want to hear, but the only reasonable solution that I, as a financial advisor, would recomend is a good budget that entails a way to pay down that debt.  This usually envolves cutting back expenses, which is always a good idea when you are in debt, or making more money (2nd job or new one).  As someone who is concerned about your fathers debt, you could help by supporting yourself for expenditures that he may be helping you with or even helping out with a monthly payment on the debt.  I would not hold out for winning the lottery or a gameshow to start working on this debt.  

PS.  not all debt is bad.  I have more that $30k in debt, but I am also financing 2 cars and well over $30k in student loans.  Where there is a will there is a way.

Answer 5

If he has a job... that ain't nothing. Most kids getting out of college are deeper in debt.