Honestly, that's the best I could come up with for a headline (title? The booze is kicking in, so I apologize in advance for what is sure to be a messy post). I just found out that my mom has dug herself in a huge hole financially (again), and as an only child it's my job to help her out.

She didn't say that it's my job, but I do feel obligated. I can't let my mom drown when I have the ability to intervene. But damn, it sucks. I'm down to $1800 on my credit card, and all my loans (minus the mortgages) are set to be paid off by the end of 2015. The $25,000 credit consolidation loan that I used to pay off the ex's credit cards? 11 payments left.

Now I'm going to have to take on $15,000 of debt to get my mom out from under pay day/signature loans with incredibly high interest rates. She already declared bankruptcy in 2010, and has proven that she should not be allowed to be in charge of her own finances. I know that I don't have to do this, but I am going to because I know I can fix things.


She's getting me a power to attorney tomorrow, and I already have access to her bank account and paypal. Once I get the looming bills out of the way, I will work on switching her paycheck to direct deposit into my account. Then I will pay all of her bills and give her an allowance. I've threatened her with having grandkids out of spite (who she wouldn't be allowed to visit), if she lies to me about taking out payday loans again. However, if she does take out a loan, and is honest about it right away, she's not in trouble.

So I'm going to be her financial manager. I don't mind, but it is really stressful trying to get everything set up. There are SO MANY BILLS. So many overdraft charges. So much debt. I just hope that she can finally get her spending under control. Any advice on being a financial manager for an adult? And please don't tell me not to help her. I know that there are credit counseling services, but she has used them before and it hasn't worked. I'm planning on paying her bills and giving her an allowance for the rest of her life. She just doesn't have any kind of self control when it comes to managing a budget. Fortunately, it's an area where I excel... I just wish she told me months ago when I had the cushy temporary position on rear detachment (and when her debt was thousands less). Now I'm super busy at work, and that's making this even more stressful. Cross your fingers for us, GT...