High Interest rate / elderly abuse / not pay?

Question

My mother is on a limited income of $800 a month. She has over $13,000 in credit card debt. At least 7 credit cards. The lowest is 19% and the highest is 25%.

I doubt they will lower the rate unless I sign on to take the debt which I would never do. My mother is currently in the hospital and when she gets out - she will stay with me til she dies. She won't need these cards. I refuse to pay anyone 25%

If the credit co won't lower the rate, should I still make payments or tell them to pound sand and they can sue the estate when she she dies? That could be years from now. Should I just tell them to close the accounts and wipe it clean because she is unable to pay them? They can't touch her income as it is social security.

Don't get me wrong. I'm all for paying what is due, but 25% is robbery. They should never have given her the credit line.

Answer 1

I agree.  I think it's stupid they have a 25% rate.  But, they won't close the accounts just bc she is unable to pay them.  They will remain open until they're either paid off or until she dies.  As far as I know they can't do anything about it if she dies, but I'm not certain so don't hold me 2 it.

Answer 2

If your mother's only income is SS, and she has no assets, then she is what is commonly described as "judgment proof." That means that her creditors can sue her, and win, and get judgments against her, but she doesn't have anything to take to satisfy the judgment with. They can't take her SS. So suing your mother would be a waste of time and money to her creditors.

However, the creditors will have to be paid out of her estate. You will only get what is left after paying all of her bills, if anything is left.