Answer: If you have good credit scores now, it could take up to three years to restore them after you’ve failed to pay a bill. The negative marks themselves will remain on your credit reports for seven years, but their effect on your scores diminishes over time if you make no other credit mistakes.

Clearly, the best solution is to pay at least the minimums on your cards until your windfall comes through and you can pay off the debt entirely. Going forward, you should avoid carrying credit card debt. The only smart way to use plastic is as a convenience, not as a way to live beyond your means.

If you’re not able to pay the minimums, you can talk to your issuers to see if they have a temporary hardship plan that will allow you to reduce the amount you pay. Ask about the hardship plans’ effect on your credit, though, since these arrangements also may hurt your scores, depending on how they’re reported to credit bureaus.

Take a minor portion of the inheritance and spend it on some indulgence you would never have done otherwise. About 15 years ago, I used about 20% of a sizable inheritance to take my family, including kids, spouses and grandkids, on a three-week African safari. The result? We all have wonderful memories of a trip in which family members bonded closely with one another, and of once-in-a-lifetime sights and experiences.

The rest I invested, spent on college tuition and used for retirement. I can’t account for it all, but I have no regrets about that Africa vacation.

Answer: Your advice is terrific. It’s important to enjoy our windfalls and even more important to invest in experiences and memories that last. Your family is lucky to have you.

We owe $132,000 on our house and have no other debt. We pay off our one credit card in full monthly. He puts the maximum into his 401(k). We have two sons, ages 5 and 8.

Should we use the money to pay down our mortgage? I’m not interested in saving for college. We will be retiring about the time the kids are ready for college and we plan to have them take out student loans.

Answer: If you can save for college, you probably should.

College costs show few signs of moderating, so your older child might face a bill of $140,000 for an in-state public college or $200,000 or more for a private or selective public college. The cost for your younger child will be even higher. If they borrow the entire cost, they’re likely to remain financially disadvantaged for years. Students who overdose on loans often can’t save enough for retirement and delay starting families and buying homes because of their debt. Anything you save for them could reduce that terrible burden.

You also might want to rethink the idea of retiring when they start college. Even if your husband has been maxing out his retirement fund, it’s unlikely he’ll have saved enough by age 52 to last the rest of your lives, particularly if you have to start paying for health insurance on your own. (Medicare isn’t typically available until you’re 65.)

You didn’t mention savings. Most people should have an emergency fund equal to three months’ expenses, but families with just one earner typically should shoot for six or even nine months’ worth.

In any event, you almost certainly have better things to do with your money than pay down low-rate, potentially tax-deductible debt such as a mortgage.

A better approach might be to divide your inheritance into thirds, investing a third into an emergency fund, a third into your boys’ educations and a third into retirement funds.

A visit to a fee-only financial planner could help you sort through your options and clarify your goals.