My Parents Are Money Stupid

My mother is $112,000  in debt, at least, I know she has other debt she hasn't told me about, I know she is still paying off her house too.  And she just bought her boyfriend a new car..
My father (my parents are devorced) is at least $40,000 in debt,  and he is looking at buying himself a new $3000 laptop (he already has two laptops).
What happens when they die??  If they both died today, would I all of a sudden be $200,000 in debt??  They've both borrowed against their life insurance poilcies to the maximum allowable amount..  
I know that they'll never come out of debt either, when either of them has any money at all, say they get a check for $100, they'll go and by themselves something fancy that costs $150...
I seriously hope that I haven't inherrited their spending...
Lucid Lucid
22-25, F
2 Responses Aug 8, 2007

You will not inherit their debt. Whatever money they may have from pensions or such will not go to you though. Any assets they have will also not go to you. I don't know all the details but I am about 95% certian.<br />
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Now, money problems are not inherited. Unfortunately good spending is something that is easier to teach to a young person and you are missing that opportunity. It may take you a few years to get your feet under you, but you can figure it out. There are lots of places that will help you when the time comes. Check out Dave Ramsey he seems pretty popular. <br />
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Good luck!!!! I'm so with you!!!

It is crazy how many people these days are like that. The american dream used to involve working hard, saving and earning a good income and having a home, and the things you need. <br />
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The new american way is to buy whatever you want, borrow the money and pretend that you will pay for it later. I think the consequenses will be very bad. <br />
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If other countries such as China stop buying our bonds and the Euro or Yuan take over we will face some very very bad consequenses.