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Senior credit card debt

Date: Sun, 01/29/2006 - 21:15

Submitted by anonymous
on Sun, 01/29/2006 - 21:15

Posts: 202330 Credits: [Donate]

Total Replies: 3


I fear my parents are getting in deep credit card debt. They really don't have any assets except for their life insurance. Will credit card companies use their life insurance to get payment for the debts?


Tammie

credit card debts can be put in the consolidation program without the need of any asset requirements. Keep your parents' life insurance away from these credit card debts. They do not have to be used for recovering the credit card payments.

You must help your parents in taking some counseling and control the credit card debts. Stick to the plan and the regular payments will wipe off them off.


lrhall41

Submitted by john on Mon, 01/30/2006 - 05:56

( Posts: 1231 | Credits: )


Tammie-each state has an Area Agency on Aging that have Benefits Councelors...you may contact them and ask them questions. They help the elderly understand their benefits such as Medicare, Insurance, etc. They can probably help answer questions about life insurance as well...it is worth a try to call them. The AAoA has tons of resources that most people do not know about, like financial help for the elderly, such as paying gas bills, etc. You may want to call them and just see what kind of help your parents are qualified for since they must be in financial trouble.


lrhall41

Submitted by TMD on Mon, 01/30/2006 - 09:30

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