 Why is it so hard to achieve credit? |
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 Paying capital credit card balance? |
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| Several months ago, I hit some major financial troubles causing me to fall behind in paying an unsecured debt. They refuse to work with a credit counseling service and demand the balance in full and I... |
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| I am a thirty seven year old man that has made some mistakes in my past and frankly if I start to repay all of my creditors at once I won't be able to eat ramen noodles till next July so what do ... |
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| About $7K in credit card debt. my credit score is very poor around 450. I cannot get approved for a consolidation loan, i dont own a home to take out a 2nd, im living pay check to pay check. I really ... |
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I was late on my mortgage payment (biggest mistake EVER!!) I have been sending letters to them for months, trying to figure out how to remove the "late" on my credit.
They keep ... |
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atticus1_2000 | Can my 80 year old mother, who is on a fixed income, just stop paying her credit card debt? |
She has about $20,000.00 in credit card debt. Most of the debt is medical related (prescription co-pays, deductibles), and some of the debt is very old. |
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INACTIVE
 |
She can quit paying debts at any time by (a) filing bankruptcy; (b) being forced into bankruptcy; or (c) have liens on any assets she owns like home, car, or whatever. This is a legal situation you are talking about which is best in the hands of an attorney. If she has any estate whatsoever, those credit card debts will have to be resolved before anything is passed down upon her death. This could be 10 years, 20 years, or 50 years but eventually it will happen. Speak with an attorney. If she's been paying on the debts even though it's not easy then she may have more assets than liabilities at which time the creditors will come after her legally. |
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my brain hurts
|
Yes and no. The honorable thing would be to go to a lawyer who can negotiate a more affordable payoff sum. She, or you on her behalf, could even try calling the credit card companies yourselves and try to negotiate more affordable payment terms.
P.S. - I just noticed you said some of the debt is very old. Some states have what's called a statute of limitations where after a certain time (ie- 20 years or so) the debt becomes null and void. If you can afford it, best check with a lawyer to see what your best option is. |
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sexytrojan
 |
I'm not saying this is right, but when I was in college, I racked up a LOT of credit card debt. To me it was free money. I never paid a dime. After 7 years, everything fell off of my credit report, and now I have above average credit (I manage my cards well now).
Mom needs to enjoy her life and money. As long as she is not planning on buying anything major on credit (house, car, appliances, etc.), screw them. Well, pay one off and keep that in good standing for emergencies. |
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pie s
 |
no???? i was about 20,000 in dept and then i had a stroke.if it wasn't for my settlement i received,i think i would have been in trouble |
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unclebutch
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i doubt your mother would want to do that. |
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ancestorhorse
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Talk to a lawyer & your Mom first. Make sure Mom is OK with what you are doing. If money is tight for you try to talk to the card co. OR some places have lawyers that help people like your mom for free or low rate.
I wish you the best of luck with this. |
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CactusFlower
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She needs to file bankruptcy and get out from under it |
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ga_kristy
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its up to her and how she feels about it. if she would feel better knowing that she is trying to pay her debt let her die happy with her self. If she is strained by paying them and struggles living and would sleep at night not paying them then that's OK too. |
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mchl_vrtts
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ya why don't you pay it for her, so the rest of us dont get stuck with your and her bill!! moron |
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Studly
|
It really depends on several things.
Does your mother own her home or other property? If so, defaulting on her credit cards could result in liens or loss of property, depending on the state you live in.
What type of income does she have? I'm going to assume it's either Social Security or pension, both of which can not be garnished. But other income could be seized.
How much in savings? They can get that too.
Are the debts strictly credit cards? Loans to other places that she needs to do future business with could result in lost of credit, and make things worse for her.
How old are these debts? Have they gone to collections? If nothing has been done with them for several years then they are probably over the Statute of Limitations and your mother no longer has a legal obligation to pay them.
So, with all this said, you would be better off discussing this with a financial counsoler, or someone with a bit of experience with credit. I am not a lawyer or credit counsoler, but I have some experience helping people with credit issues. Contact me if I can help you further. |
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