Dear Editor,
Our extended family includes an uncle (‘Sam’) who has accumulated a large debt resulting from his continuing spending problems.
Of the family’s 21 working-age adults, 15 of us either contribute a portion of each paycheck or pay quarterly to help him pay his bills. On average each of us is contributing $10,649 per year to help support him. Thanks to our continuing support, Sam has excellent credit, but even with a very low interest rate, the interest on his debts was $4,800 last month alone. We would each need to pay about $211,000 to pay off his creditors and eliminate these payments.
How do we address this situation before it destroys our family?
Concerned for our American family.
Ray W. Sheldon
Huntley