Financial Information
Do seniors have to pay credit card debt?
Question : Do seniors have to pay credit card debt?
I was reading a magazine for senior citizens and it stated that seniors with only SS or Disability do not have to pay credit card debt. I don’t believe this but would like to know if it is true. Does anyone know?
Thank you
pay credit card debt
Best answer:
Answer by Anjell
I don’t believe that credit card debt is forgivable, unless the senior has declared bankruptcy. Did the magazine offer any information to any programs that seniors may enrol in to waive the debt?
It’s a sad truth….debt can follow you right to death’s door.
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#2 written by Hazel S 1 year ago
If seniors created the debt, they are responsible for it. but there can be some mitigating factors. If this is about someone you know, check out this website.
http://www.credit-card-loans-debt.com/ -
#3 written by bdancer222 1 year ago
I think you only read part of that article. No one forgives credit card debt for senior citizens.
Frequently senior citizens will have credit card debt that they can no longer afford to pay on. If their only source of income is Social Security or disability, creditors can sue and win judgments but can’t garnish the Social Security or disability checks nor the bank accounts with only these funds. Makes them judgment proof, especially if they have no other assets.
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#4 written by Celeste 1 year ago
It’s a half-truth.
Regardless of your source of income or age, you’re still liable for debts incurred.
Senior citizens or people receiving SS Disability that stop paying their credit cards can still be sued for the debt, they just can’t be garnished for it. Social Security benefits are protected by law to be exempt from garnishment except for alimony, child support, federal loans, back taxes or overpayment from another government agency.
So, essentially, unless they have large assets to place a lien against, there’s not much a creditor can do to enforce payment. - Comment Feed for this Post
Hi,
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