🔍 Are you worried about your elderly parent’s finances? 93-year-old mother in Florida with $35k credit card debt needs help! #CreditCardDebt #ElderlyCare #FinancialAssistance
ℹ️ Seeking solutions for your aging loved one’s financial struggles? Here’s some valuable information to consider:
Assess the situation:
– Determine total debt amount
– Evaluate monthly income and expenses
– Review any assets or savings
Explore debt relief options:
– Contact credit card companies to negotiate lower interest rates
– Consider debt consolidation or settlement programs
– Seek advice from a financial advisor or credit counselor
Ensure legal protections:
– Understand laws regarding debt collection from seniors
– Explore options for power of attorney or guardianship if necessary
– Contact credit card companies to negotiate lower interest rates
– Consider debt consolidation or settlement programs
– Seek advice from a financial advisor or credit counselor
Ensure legal protections:
– Understand laws regarding debt collection from seniors
– Explore options for power of attorney or guardianship if necessary
🤔 Are you facing a similar situation with your elderly relative’s finances? Share your experience or ask for advice in the comments below! #FinancialPlannning #ElderlyDebtRelief #FamilySupport
Remember, taking proactive steps now can help alleviate financial stress and ensure a more secure future for your aging loved one. 🌟
They’re not going to seize her car. She has no other assets. Social security cannot be garnished. She’s 93 and the debt will die with her.
I’d personally tell them to get lost.
Social security can’t be garnished for credit card debt.
She is very likely judgment proof and they’re just trying to scare her.
It’s like they always say: If I’m $35k in CC debt, that’s my problem. If my 100-year-old gran is $35k in CC debt, that’s the bank’s problem.
If I’m ever $35,000 in credit card debt then I hope to be 93 years old and living off social security. She’s fine, they are trying to get a quick payout before she passes. There is quite literally nothing they can do.
It’s not the question OP asked, but is she still driving? Is keeping the car worth it?
My mom is 87 and her insurance has crossed $6000/year with no claims and a 10 year old econobox. Might be a way to free up some money in her budget…
I believe she is judgement proof. If they come after her they are unlikely to get anything other than causing her a lot of anxiety. They were the stupid fools that loaned money to people in their 90s. They deserve what they got in my opinion. Hopefully she doesn’t end up having a lot of anxiety about it.
Does she own the car outright or is there a loan on it? If she has a car loan then her only assets would be the value of the car minus the loan payoff.
Florida has very low vehicle protections. Only the first $1k of vehicle equity is fully protected; $5k can be exempt if she doesn’t have a home or any other property to protect. So that still leaves ~$10k for the creditors to go after if she has $15k of equity in the car.
She would be judgement proof in the vast majority of other states where primary vehicle exemptions are far higher; but that isn’t the case for Florida.
Let them try and fail.
This is bank problem only and they just try the scare game to cut some of their (inevitable) losses.
They aren’t gonna sue. She’s 93….I’d just ignore them.
She is 93 screw the credit card company they won’t do anything and honestly at 93 how often does she drive or should she drive sell the car before they try and take it then call it a day
As others have said, ignore it. More importantly, make sure that when she passes, you or whoever is her next of kin don’t fall for anyone telling you that you are responsible for her debt. They will often try.
Read up on what Suze Orman explains about credit card debt.
It’s unsecured debt.
Let’s be honest how longer is she going to live?
Let them sue. Most places the cc debt isn’t going to transfer to you and if someone from a credit company says it will look at the laws your area
Advice? Let the bank throw good money after bad if they wish. Your grandmother is what is known as “judgement proof”. Social security benefits can’t be attached for a garnishment, and she doesn’t own anything to seize. My advice to gran would be live it up, max those puppies out and spend her final months/days/years doing whatever she wants as long as the bank is still paying for it.
Make sure she doesn’t pay a dime. She needs her money more than the banks do. They can collect it from her estate.
Question: Does the debt get carried over to her estate once she passes?
Have her borrow more money and get as many loans as she can get away with. Problem solved!
Tell the card company she is broke and has altzheimers. They will write it off
This is the best life hack I’ve ever read. I’m getting 5 new cards on my 90th birthday. 😂
This is the banks problem like everyone else said here. My 82 year old dad starting doing the same thing and let my brother not pay a student loan he is a co-signer to. Bank couldn’t do much other than lower my dad’s credit card limit to almost nothing because they knew.
In Florida even if they win, they will get nothing. Home can’t be taken & neither can car.
When the debt goes to collections, send a certified letter that they are to cease all contact. This will force them into suing, which requires they do a cost benefit analysis and realize gran doesn’t have anything.
Make it 150k and enjoy the money
The bank should have thought twice about issuing that line of credit.
That’s not a bad plan at that age and if you have no assets. Living her best life she can at 93. Go Grandma!
As others have said this is more the bank’s problem that yours or hers. Only things are:
1) She probably won’t be able to get any other credit extended to her. If she’s still using credit cards to pay for things just have a plan b if her credit gets pulled.
2) They could seize the car. It’s unlikely as they’d be better off putting a lean against it and just waiting but you never know. Again just get her prepared for the possibility and have a plan b.
Overall don’t sweat it but if there’s anything of value she plans on leaving to her next of kin don’t count on it as the credit card companies can get their debts settled by trying to sell assets from the estate. If it’s just some jewelry or personal items they probably wouldn’t bother.
Tell he to just ingore it. CC is unsecured debt, there is nothing for them to go after if she doesn’t pay. Her FICO will take a hit, but who cares. Not like she is buying a new car or a house on credit anytime soon.
They could theoretically go after her estate when she passes, but in practice that never happens.
The only creditors I have ever seen go after estates were Sears (and they are long gone) and Jewelry stores, like Long’s and Jared.
The big credit card companies just charge off the debt.
They won’t sue if you just tell them she’s got no assets and she’s old AF and probably gonna die soon. Even if they sue those two things are true and they can’t do anything to change it
Cant take her home in Florida. SS is judgement proof. Sounds like its not her problem.
Word of caution, don’t fall for debt collectors claiming family owes the money after death. They don’t. Yes the collectors can get first dibs on grannie’s estate, but they can’t come after you.