Interesting that you're all so against it. It was actually my brother's idea. The reason I'm in debt was in part graduate school and in part upkeep on the house she and I both own. I take responsibility for the money - I don't think she needs to pay it off. I'm not asking for her to forgive any of it. I just know her money is sitting there and she likely won't use it right away even when she does retire - it's in addition to her formal retirement funds. It's not like I'm pillaging her 401k. It seemed to make sense to me because she wouldn't likely get the kind of return that I am giving the credit cards companies in any of the venues that I was looking to invest her money. It seemed like a win-win to me.
I'm quite stable, I have a good job that isn't likely to go away any time soon (thank god). We're selling the house we own together. Mom is single, she has just myself and my brother to support her when she retires. If I did get into trouble I could always take a personal loan or some such thing to pay her back the money I still owe. I'm really not trying to rip her off. I suppose it does sound from the outside like I'm trying to get out of paying my credit cards off. I appreciate the concern and the suggestion that I was blindly acquiring debt etc. but much of it was intentional so that I could get through a lengthy phd program. I'm really not looking for an easy out here.
You know what they say....the road to ruin is paved with good intentions.
So humor me. I get that YOU wouldn't do this, but if I were to do this, how would I set up an excel spreadsheet to keep track of something like this?
But just to play devil's advocate, I'd skip the excel spreadsheet. I'd get a lawyer & draft up legal documents stating how much you are borrowing & the repayment terms. Both of you sign it & get it notarized. Seriously. Don't take this lightly. It will bite you in the a$$ every time.