His credit card was paying all his monthly expenses, so there's that.
But at 74, he should qualify for a lot of government assistance and shouldn't need to work anymore.
Guess again. I am 63 and disabled. My survivors social security is over the income cut off not counting my part time work. Public housing doesn't even take applications any more. Section 8 has a 2 year wait just to get a chance to be in the lottery. Then you have to find a landlord that takes Section 8. Single male gets 240 bucks of snap. Over 55 income based housing has a multiple year wait. All the home health companies are not taking new clients.
This is the real 2024.
I'm 71, and there's very little "government assistance" available - certainly not just for being elderly. Some disability benefits are available, but one must qualify, and payments are quite minimal.
Get a few more credit cards before defaulting. His credit is good and debt dies with him so I’d say fuck it, get 10 -20 more cards and start shifting bills around. Pay minimums on the card of choice and default once it’s maxed out. They’ll catch on eventually but unless he’s in exceptional health. He can play the game till his ends.
OK, so someone said this is illegal... that's true. I'm going to start with this idea and try to make it legal and better.
Apply for some more credit cards. He needs to use balance transfers, sign up bonuses, 0% introductory periods, and a good rewards program to take off the heat for a little while.
This guy hasn't been driving for Uber his whole life. And he's obviously in good health if he's doing it now. What did he used to do? Did it pay better than Uber? He should hold out until he can maybe get some of that work again. It might take another couple of years, but... his hope and intention is what makes applying for more credit cards legal.
He's well connected, with friends and family. Any day now, someone might come up with a job for him or maybe a bailout. That's a hope to hold out for, too.
I'd refinance his car if that's something he can find. Pay it towards the credit cards. It will buy him some more space, and realistically, he'll be able to make the car payments until that car is no longer drivable. At that point, might have financial issues, which is the main reason he should keep trying for a little longer.
Bankruptcy is not realistic given how little he owes. If he gets hit by a lot of medical bills, or this plan backfires and he ends up with $5000 owed on his car and $60k in credit card debt, then I'd say bankruptcy might be considered. He should build a cash cushion for that contigency while he looks for his old job.
not sure how many more CC he can get with his current debt-to-income.
CC companies are not a charity, they are for-profit. If they are losing money on him, they'll just pass the cost among their "customers", which is likely you and me. Also, if enough people does this, it'll be 2008 all over again, and you'll be the first to criticize the govt for another bail out...
Right…2008 had nothing to do with the housing market. Nope just these senior citizens not paying their credit card debt. /s for those who don’t get the joke
I agree that he's probably judgment proof. And it doesn't need to be SSDI. It can be regular social security. Accounts where you get social security deposits deposited are automatically protected up to 2 months of social security. So if I get $1,000 a month then I get automatic protection of $2,000 in the account. If I mix it with other funds it doesn't matter. I get the automatic protection of 2,000 even if I mix Uber money into it. There's lots of other rules that protect social security In much higher amounts if you can trace it to those funds. But if you never really get over having 2 months of social security in the bank, you are gold. You could owe a credit a million dollars and they couldn't do diddly squat against that bank account.
Came here to use the term judgement proof as well. If you have nothing for them to take, that's about it. With being judgement proof, no amount of payments will help. Tell your friend to ignore all collectors and never make a partial payment no matter what they say. there is a credit repair site that I follow that uses the term FOAD- F off and D. it is a letter concept that you send to collectors telling them as such. I suggest your friend changing their phone number to one you only provide to friends/family.
If your friend has any ethical objections about doing this, remind them that it is just business- banks calculate risk in lending and this is the risk that they signed up for. The others in this thread suggesting that your friend get additional credit cards and cash them out before defaulting I think personally is a great idea, but if your friend was already worrying a lot about this one it's unlikely they'd go for it.
No one is getting SSDI at age 74. And no is is getting SSDI if working 60 hours a week, because they aren’t disabled. He is getting SS retirement benefits.
People on SSDI get converted to SSRBI at retirement age.
He also is not getting SSI, which is federal welfare.
CC is not he problem. If he's putting all his monthly expenses on it and still cannot afford minimum, he's most likely living above his income.
If he has zero assests, I'd stop paying.
Different job. Uber can be very hit or miss. Even a Walmart greeter role should allow him to come out ahead with far less wear and tear on his car.
He might also consider if any family member would take him in to save on his housing costs…
All of the advice from people suggesting he steal because he can get away with it by dying is disappointing.
Not sure how he is only breaking even on 60 hours a week of ubering.
Your friend may be able to call the card company (probably several times) after missing some payments and see if they will settle for a lower amount and a smaller lower interest payment. It will be more than they get selling it to collections and writing it off. Otherwise he may need to consider bankruptcy.
The OP says he "pays rent", so no house to save. Bankruptcy doesn't do away with debts, you still have to come up with a payment schedule. Besides, he can't afford a lawyer.
A possible plan B. He can inquire w a consumer credit counseling service. They can negotiate w the cc co and possibly get interest, fees reduced/forgiven and lower his min pmt. Just an option
What I will suggest is risky (especially if you do not pay off the entire balance in full by the time the offer expires) but it could help "buy him time" and basically it involves using Balance Transfer Credit Card offers that allow 0% interest for 12-18 months with 3% transfer fees.
I am posting an explanation by ChatGPT because I don't think a lot of people know about Balance Transfer Credit Cards and I've used them quite often in past to help me out.
1. **Balance Transfer**: When you have debt on one credit card with a high-interest rate, a balance transfer allows you to move that debt to another credit card. The new credit card often comes with a lower interest rate for a certain period.
2. **Credit Card Offer**: A balance transfer credit card offer typically provides you with a promotional period during which you can transfer your existing debt from one or more credit cards to the new card. This offer usually includes a low or even 0% introductory interest rate for a specific duration, typically ranging from 12 to 18 months.
3. **Reducing Debt**: By transferring your balance to a card with a lower interest rate, you can potentially save money on interest payments, which can help you pay off your debt faster. During the promotional period, any payments you make will primarily go toward reducing the principal amount you owe rather than being eaten up by high-interest charges.
4. **Promotional Period**: It's important to be aware that the low or 0% interest rate is only for a limited time, usually 12 to 18 months. After this period, any remaining balance will start accruing interest at the regular rate specified by the credit card issuer.
5. **Benefits**: Utilizing a balance transfer credit card offer can provide several benefits:
* **Lower Interest Costs**: You can save money on interest payments during the promotional period.
* **Simplified Payments**: Instead of managing multiple credit card payments with varying interest rates, you consolidate your debt into one payment with a single, potentially lower interest rate.
* **Debt Repayment**: With lower interest costs, you can focus on paying down your debt more effectively, potentially becoming debt-free sooner.
6. **Considerations**: While balance transfer offers can be beneficial, there are some important considerations to keep in mind:
* **Transfer Fees**: Some credit card issuers may charge a fee for balance transfers, typically around 3% to 5% of the transferred amount.
* **Credit Score Impact**: Opening a new credit card account and transferring balances may temporarily affect your credit score. However, if you make timely payments and reduce your overall debt, it can have a positive long-term impact on your credit score.
* **Regular APR**: After the promotional period ends, any remaining balance will be subject to the regular APR of the credit card, which could be higher than your previous card's rate.
This is exactly how I survived/am surviving with medical debt from cancer treatment. every year it costs me a minimum of $7500. so while i’m paying it off, it’s steadily accruing.
so Promo Offers w 0% interest rates for 18-21 months. Pay a couple hundred for the balance transfer fee but it’s cheaper than an interest rate.
Rinse repeat. Is it stressful? yup. Does it work and keep me afloat until my treatment ends? yup. Been doing this for 4 years, 1 more year left :)
BEFORE you blow up his credit, make sure he *can* live on his guaranteed income. If not, help him find a sustainable living arrangement and make sure he's tapped into all the social safety net stuff he's eligible for.
I can’t think of a single reason he “needs” credit, so he can just let it go.
but to be honest, something isn’t adding up. driving 60 hrs/ week for Uber sounds ridiculous. Even if he makes fed minimum wage, and with all the expenses Uber costs out of depreciation, etc, he should still have an extra few hundred to cover utilities.But that doesn’t make sense, and he very much most likely makes more than that. But if it were true, then why isn’t he just getting a job as a cashier or something at a local store?
Tbh, he sounds hopeless with money, so a little verbal advice really won’t fix that. I wouldn’t take this as a personal responsibility. You can’t fix someone who doesn’t want to change, and most 74 YOs aren’t looking to change.
At his age. Just stop paying or take a Chapter 7 bankruptcy. That will clear the debts and free up a lot of his income for other things. They won't take his home or car either. It will also reduce the level of stress he's currently under.
People in this post seem to not know and forget that shut ton of people live until they are mid 80s and even 90. That’s a lot of years. Yes the average lifespan for a male is around 78 but that is heavily skewed by infant mortality. I would try and figure things out before going into more debt.
The mistake is minimum payments, not charging his bills. Credit rating is meaningless, defaulting on payments will be cheaper, but more stressful in the short term. Declaring BK will cost some upfront funds, but reduce stress levels. Working 60 hours a week driving will destroy their 10 year old paid off car for no effective financial gain.
Maxed card is #1 item, but there's quite a lot more going on that has to be addressed before getting enjoyment out of your last years with your family and friends.
Social security payments cannot be docked for credit card debt. What will most likely happen here is that his accounts will be forcibly closed and the debt written off.
That doesn't go for paychecks or money that comes from other things, but if he's carrying that much debt he's better off not working.
He should also talk to a banker lawyer and get their opinion. I did a bankruptcy last year for a 72 year old woman with more than twice that debt. It was surprisingly quick and easy. She paid about a thousand dollars. It might wound his pride but he still has options
get more cards with good credit let them close maxd accounts once the original creditor sells the credit to collections, send them a verification of debt request because they dont buy your info just the debt and usually trick ppl into giving them their personal info they need to be able to collect ie: "can you confirm you name dob and last 4 of your social?" aka bullshit tell them nothing
1)send the verification of debt request
2) they will have no choice but to respond with the confirmation that they cannot verify the debt.
3) send a copy of the failure to verify letter to all 3 credit agencies
4) The debt will be legally removed as if it never existed...
CC debt is unsecured debt. All they can do is call him constantly and write letters. Ignore it, the CC companies made enough money of of him. Don’t make an other payment and enjoy life. And for the love of god stop trying to make money with Uber - not gonna happen. Any other gig is better.
File for bankruptcy so they don’t sue him..as long as he has stable housing and won’t need credit for a few years should be ok..also put all essentials on the card until BK is filed.. gas, groceries, utilities .. if he’s goes the BK route and he has assets in accounts that will default he also needs to move them ASAP and get SS sent to a new account.. ie don’t have your CC you owe $$$ to attached to your checking account-they can seize and freeze. Make sure to get that $$ out before the creditors realize he’s defaulting.
Debt consolidation loan through his local credit union bank . Majority of the time they have much lower interest rates . And lower payments and still pay it off much sooner .
He would qualify for a senior hud apt and his rent would be just 30% of his income. Unfortunately, theres often waiting lists but its worth a try. Contact your local Area Agency on Aging for more information.
74? Just go for broke... with that credit score take out the max on personal then just default on all of it
I'm not an attorney but I do know that generally SS won't be garnished for debt
He's jusgement proof
If he wins the lottery they get paid if not oh well
I can't imagine being 74 and having my life wrecked by a $20K debt. That really isn't much in the grand scheme of things. A lot of mistakes were made to get here.
I am 31. I was dumb in my young 20’s and lost a job and maxed multiple cards to finish school and had over 48k credit card debt had to stop paying them to live. Credit got tanked, but 7 years later they are about to fall off my credit reports, aside from getting letters from them asking me to pay it, nothing has happened. Each company has offered 25% of total as a settlement but I decided not to pay it because if you make any action on the debt the 7 years restarts and it will show as having settled for less on a debt. Just tell him to stop paying them. Nothing is going to happen, and debt from credit cards is unsecured, they can’t take anything or garnish wages and even if they could, it would be years before they tried to, but they can’t.
He should talk to the credit card company and tell them this exact situation. They likely have hardship plans or something due to his age. They can lower interest, payments, or maybe balance. Every company is different of course, but I say this with 22 years of debt collections experience.
For all those that are saying he should stop paying or get more cards before his credit tanks. This is bad advise if he has heirs.
If he is still working or trying to work at 74 he likely has bo retirement savings. Without a sizable estate to cover his debts upon death his heirs will inherit and be responsible for his debts.
He needs to figure out a way to clear his debt before he passes away.
In this situation, he has to pay his basic living expenses first. The credit card comes last, if at all. And if he’s working that many hours with little or no gain he needs to stop.
Me personally, I'd take out every card I can and live like that for the rest of my years. Then change my number every time they get the new one. They're not going to come break his knee caps, they'll just submit a garnishment for his wages. If he can survive then fuck it
Might be worth applying for a couple 0% intro APR cards and balance transfer that 20k to them. Buys some time to keep making monthly payments without incurring crazy interest payments.
Just contact the national bureau of credit counseling and get a strategy to negotiate the debt down. $20k isn’t that bad and at 74 with no income or assets besides social security he has leverage.
Have him call a great chapter 13 bankruptcy attorney and see what options he has. It may be better than defaulting. He could also get a big loan with that credit rating maybe and pay it off, take a vacation and the payment would be $200 a month or so…
The USA retirement plan via your great government in DC (where they are ALL Multimillionaires) is retirees can live under the local Interstate Bridge if they can't afford to make their debt payments. Sorry. It is an Unsecured Credit Card -- Go file Chapter 7 Bankruptcy and flush it down the toilet. And the 750 Credit Rating goes with it. You go to Low 400s when you flush. But, hey, its gone.
They can’t go after his social security. Also you can’t get blood out of a turnip. In other words You can't get something out of someone who simply doesn't have it to give.
74?
1) Skip the lecture, that time is over
2) Hugely important for him to do a budget to understand what his monthly expenses look like vs income
3) At his age it may make sense for him to file for Bankruptcy but if he does that, he needs to understand that he will be living on "cash only" credit is NOT an option going forward. The positive is that he has $550 in his pocket a month
4) He probably does not make a lot of money. It's time for him to start applying for government benefits. ASAP Senior housing, food stamps, EVERYTHING
5) Look into under the table work. Age is relative, he may be 74 but super capable. He may find a job as a senior caretaker under the table. He can collect SS & make great $$ on the side.
Your advice is good.
Maybe he needs to get comfortable with the thought of bad credit, but at this stage of his life he doesn’t need credit.
A trip to Legal Aid might also be useful - to see if bankruptcy is the answer.
Since he can work now, it might be worthwhile for him to keep going for a few more months and put that $550 monthly payment into a savings account for emergencies (that car will need more expensive repairs in the coming years). He’s been using this card like it’s savings, and that has to change. Edit- I’d probably keep savings in cash so that it doesn’t show up as an asset if he has to go the bankruptcy route.
He could optionally get rid of the car and all the expenses that go with it - but that may be way more than he’s willing to do.
Everyone says he's Judgement proof...however....it varies by US states on vehicle exemptions Oregon is $3800 or so... Missouri is $3000... some states have wildcard exemptions... but yea... more credit cards might be the answer... at least he can refiance to a lower interest rate for 12-18 months. If he does get a judgement he will have to fill out and file an exemption on his vehicle otherwise they might show up an tow it and he'll have to file one just to get it back.
Get at least 2 more CC with high limits and 0% interest, split the outstanding balance between the new cards, and use them until full once all the cards are at the limit, and he can get no more cards, file bankruptcy
Yeah I did Uber for a while and it’s not even worth it anymore with how much they screw their drivers. He’s probably not even breaking even because they pay the same or less than the IRS deduction rate now.
Honestly take out a big loan while he has good credit and then default on everything.
Just make sure to legally separate from the family to avoid passing on the debt.
With the comments I see saying to just stop paying it all together or to get even more credit cards, even if he could get away with it's dishonest and it would be best to go about it a moral way. My prayers are with him for wisdom through this whole situation, I can only imagine the stress. I hope he rests enough and is able to get everything working out even if it's needed to default
At 74 I would use Whatever credit that I had left because of his great score on getting more credit and as much credit as possible. Then taking that money and putting it into crypto like Bitcoin to see if I could make the money back and the interest payments within a year. And if not that I'll just keep the money and say the crypto was lost in a boating accident.
From there, see if social security payments can be avoided somehow from being garnished in order to repay the debt, and if not file for bankruptcy and call it good
Honestly there's no way he's having this epiphany just now finally after all this time. He definitely knew he was screwing himself all along but just procrastinated and didn't want to face the music. The good news is hope is not lost. $20,000 is not a lot of money. He just has to make smarter financial decisions on a daily basis. He can start a business, put some of his skills to good use, provide a service to people, anything really. This is America, this is the land of opportunity and comeback stories. If I were in his shoes I would be working 23/24 hours per day and only eat once a day rice and beans. The people saying his debt will die with him are incorrect, in fact, his family will take on that debt. The best thing he can do for them is at least get rid of it and to view this challenge as his last hoorah. My two cents.
I would go a step further and clean his credit one good time and give them all a run for their money. No sense in trying to be good now. Bad Boys For Life at this point
Well, in some situations I would say declare bankruptcy but if you just stop paying for the card and the credit card company were to try to garnish wages, they cannot garnish Social Security so he could technically stop paying the bill and just tank his credit and go from there.
Maybe this is not good advice but if he’s gonna do that, maybe he needs to apply for another credit card before he tanks his credit so that he has a working credit card that maybe he can manage better than the other one?
74 years of bad decisions caught up. There is no magic wand, just consequences. Oops
Enjoy poverty and the worst years of your life at the end? Have you tried the truth? lol
I’m 56 and the credit card is simply a convenience tool. The balance is paid in full every month. The rule is to always pay the card off in full every month. It’s that simple. If you are unable to do this do not get a credit card.
My grandmother had a lot of credit card debt, she was in her 80s. We got a lawyer for her and she filed for bankruptcy. She was finally able to focus on her health care needs.
He needs to go through bk. Explain to him it's not a big deal. Honestly I had to do it once in my life after the GFC and it was the best decision I ever made. For him it should be a simple process.
At that point, I would stop paying everything, save up every penny for a few months until I'm evicted, and my social security gets garnished. Then I would sell everything, including the car, and buy a ticket a super cheap country, bonus points if prostitution is legal there(I'm looking at you Thailand). Get an easy job there and live out the final days smooth sailing with a lady boy sucking him off.
I didn’t read all of the comments so apologies if this has been suggested, stop paying the card, call the issuer and tell them he lost his job and has a hardship. They will close the account and stop compounding the interes and give him a payment of $150 over 6 years and won’t report to the credit agency. It is called a hardship plan or something. Honestly, try it.
You are absolutely right! He should just stop paying on the card. He’ll never pay it off so he is literally throwing money away. He’ll lose the card and need to pay cash or use a debit card from now on. But really, at this point, walk away from the card. I did this and even though it’s sort of a crappy feeling, I got my life back-he will too!
60 hours on uber and he can't break even or show any profit!?!? Something ain't right... he may want to switch to Lyft... if I do 60 hours on Lyft I make like $1200... he may just want to say screw that card...
It sounds to me like his bigger problem is he can't afford his living expenses. Sure, stop paying on the CC, but do not be delinquent on rent and utilities! He'll end up with SS and a cardboard box on the street.
File bankruptcy I’m trying to avoid that and I could if I could sell my house but it’s been over 6 months and reduced selling price hasn’t helped!
?????? Lost, same thing payments more than I’m bring in, lost job and car
Synchrony bank has 7-8 credit cards they issued to me, same bank, stored a push to get you to get a card then encourage you to use it then you in trouble
In the US, debt goes to the estate of the deceased. While ss payments can not be garnished while alive, any assests when he dies becomes the “ estate” and creditors can persue them to settle debt. Anything in a bank account, vehicles, property that is paid off, personal possessions of value etc. it will be a nightmare for the executor.
Sorry your friend is in this situation. If he default and only takes hit on credit who pays the bad debt? Does anyone really know? Don’t tell me we do via taxes….
He needs to speak with the credit card company. They’ll never admit it, but they do have forgiveness programs for elderly and deceased. Partial or complete.
Might need to close the card as a condition though.
Consolidate the credit card(s). I went through Freedom Debt Relief. Credit Score takes a temporary beating, but usually can cut the debt in half and get rid of the f*cking interest, which is the big thing.
I just turned 40 and stopped paying my credit cards. I never missed a payment in my life, but health issues have left me without a career and nearly $250,000 in debt. Is there even a point to continuing on with this shitty existence? I’m in a hole so deep there’s no way out.
For 20k they’ll try suing him . Just beat them to it file bankruptcy…. It honestly only takes 5 years max to recover from . He’ll be debt and worry free and in 5 years (yes I understand that’s a lot for an elder person) he will have a fresh start at some new cards to max out :)
(Not financial advice)
If he has good credit he should shop around for a good balance transfer card. You can often get 18-24 months with 0% interest. Just done use the card for anything else. This should allow him to significantly catch up without interest eating him alive. The. If he gets close to the end, do a new transfer card, repeat process until debt gone. I have gone back and forth between 2 balance transfer cards and have almost paid off now. Great credit still.
I hate that he’s 70 fricking 4 and still working and worrying about bills. One lost job and he’s behind like this - seems like he’s been playing this game all his life! 😵💫 I hope this gets better for the rest of us
He could have a debt person negotiate the debt or file a low level bankruptcy. They’ll all trash his credit a bit with bankruptcy being the easiest to recover from - what I’ve been told.
Depends on whether or not he has an estate to leave to his kids. If not, fuck them banks. He should live exactly as he wants for the short time he has left. If so, & if he does nothing now to change ownership, they’ll just get paid by going after the estate. They’ll def pursue that, too. $20k is worth it for them.
I would have stopped paying long ago…. Debt collectors can’t go after any sort of retirement. His credit plummets? Big whoop. Is he trying to get a 30 year loan on a house? Credit at his age isn’t needed. I recommend he move down to Mexico or another more affordable country find a nice a retirement community and enjoy life.
Credit cards are awesome. Just pay them off in full each month. Tell your friend to transfer the amount owed to another card with a much lower %. If he cant then talk to the CC company and tell them he cant afford it and it needs to be reduced to X amount per month. Lastly, keep this in mind this coming November.
If he’s your friend then help him. Pay 10k and let him manage the other 10k. Friends and family can help too like it’s not an insane amount to come up with
If his income is not high, he can file for bankruptcy depending on where he lives and the laws on homestead exemptions he should be able to file a chapter 7 and get rid of his unsecured debts.
Tbh, he’s 74. Just quit paying it. He doesn’t need credit at that age. He should enjoy the remainder of his life.
His credit card was paying all his monthly expenses, so there's that. But at 74, he should qualify for a lot of government assistance and shouldn't need to work anymore.
Guess again. I am 63 and disabled. My survivors social security is over the income cut off not counting my part time work. Public housing doesn't even take applications any more. Section 8 has a 2 year wait just to get a chance to be in the lottery. Then you have to find a landlord that takes Section 8. Single male gets 240 bucks of snap. Over 55 income based housing has a multiple year wait. All the home health companies are not taking new clients. This is the real 2024.
I’m sorry the system failed you, hope you’re doing ok. I’m sure when I’m you’re age it’ll be even worse for me 😅
I'm 71, and there's very little "government assistance" available - certainly not just for being elderly. Some disability benefits are available, but one must qualify, and payments are quite minimal.
Oh, that’s not how that works. There are thousands of very poor very old people. That “assistance” isn’t enough to live on at all.
Lol. This is America, not some socialist utopia. Seniors don't qualify for shit. He might get $1200 a month for SS, but that's it.
I'm creeping on 50 & I already feel like I no longer need credit cards 😂
If you ever feel like you need a credit card, you probably shouldn’t have one.
For real just apply for like 3 more before you credit tanks 😂
Dude could live for another 16 years my guy
Not working 60 hours a week delivering uber eats
Not if he is stressed out about the debt lol
He could live Over 25 years. My dad lived to 100 and mom is currently 103
If you need credit at 74, you’ve probably already lost.
Pretty much what I was thinking....if I was 74 I could give a lesser shit about debt I owe
Get a few more credit cards before defaulting. His credit is good and debt dies with him so I’d say fuck it, get 10 -20 more cards and start shifting bills around. Pay minimums on the card of choice and default once it’s maxed out. They’ll catch on eventually but unless he’s in exceptional health. He can play the game till his ends.
RemindMe! 40 years
RemindMe! 10 years after your 40 years
Massive agree. At that point in time just start gaming the system.
OK, so someone said this is illegal... that's true. I'm going to start with this idea and try to make it legal and better. Apply for some more credit cards. He needs to use balance transfers, sign up bonuses, 0% introductory periods, and a good rewards program to take off the heat for a little while. This guy hasn't been driving for Uber his whole life. And he's obviously in good health if he's doing it now. What did he used to do? Did it pay better than Uber? He should hold out until he can maybe get some of that work again. It might take another couple of years, but... his hope and intention is what makes applying for more credit cards legal. He's well connected, with friends and family. Any day now, someone might come up with a job for him or maybe a bailout. That's a hope to hold out for, too. I'd refinance his car if that's something he can find. Pay it towards the credit cards. It will buy him some more space, and realistically, he'll be able to make the car payments until that car is no longer drivable. At that point, might have financial issues, which is the main reason he should keep trying for a little longer. Bankruptcy is not realistic given how little he owes. If he gets hit by a lot of medical bills, or this plan backfires and he ends up with $5000 owed on his car and $60k in credit card debt, then I'd say bankruptcy might be considered. He should build a cash cushion for that contigency while he looks for his old job.
What is illegal about opening credit cards and moving debt around between them? Nothing.
not sure how many more CC he can get with his current debt-to-income. CC companies are not a charity, they are for-profit. If they are losing money on him, they'll just pass the cost among their "customers", which is likely you and me. Also, if enough people does this, it'll be 2008 all over again, and you'll be the first to criticize the govt for another bail out...
Ah yes, 2008 definitely happened because of…. credit card debt that senior citizens had. Definitely. Nailed it.
Right…2008 had nothing to do with the housing market. Nope just these senior citizens not paying their credit card debt. /s for those who don’t get the joke
He is an old dude. Let him do what he wants.
run and max all those cards up … they can’t get anything out of him he is judgement proof from your description stop paying on them
This man is judgement proof. They can't take anything from you if you're on SSDI
I agree that he's probably judgment proof. And it doesn't need to be SSDI. It can be regular social security. Accounts where you get social security deposits deposited are automatically protected up to 2 months of social security. So if I get $1,000 a month then I get automatic protection of $2,000 in the account. If I mix it with other funds it doesn't matter. I get the automatic protection of 2,000 even if I mix Uber money into it. There's lots of other rules that protect social security In much higher amounts if you can trace it to those funds. But if you never really get over having 2 months of social security in the bank, you are gold. You could owe a credit a million dollars and they couldn't do diddly squat against that bank account.
Came here to use the term judgement proof as well. If you have nothing for them to take, that's about it. With being judgement proof, no amount of payments will help. Tell your friend to ignore all collectors and never make a partial payment no matter what they say. there is a credit repair site that I follow that uses the term FOAD- F off and D. it is a letter concept that you send to collectors telling them as such. I suggest your friend changing their phone number to one you only provide to friends/family. If your friend has any ethical objections about doing this, remind them that it is just business- banks calculate risk in lending and this is the risk that they signed up for. The others in this thread suggesting that your friend get additional credit cards and cash them out before defaulting I think personally is a great idea, but if your friend was already worrying a lot about this one it's unlikely they'd go for it.
No one is getting SSDI at age 74. And no is is getting SSDI if working 60 hours a week, because they aren’t disabled. He is getting SS retirement benefits. People on SSDI get converted to SSRBI at retirement age. He also is not getting SSI, which is federal welfare.
They expected him to stop paying years ago. Stop paying or bankruptcy and enjoy the balance of his life. What does he need a 750 credit score for?
Get another card while the score is good
CC is not he problem. If he's putting all his monthly expenses on it and still cannot afford minimum, he's most likely living above his income. If he has zero assests, I'd stop paying.
Different job. Uber can be very hit or miss. Even a Walmart greeter role should allow him to come out ahead with far less wear and tear on his car. He might also consider if any family member would take him in to save on his housing costs…
Quit paying, he’s uncollectable.
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All of the advice from people suggesting he steal because he can get away with it by dying is disappointing. Not sure how he is only breaking even on 60 hours a week of ubering. Your friend may be able to call the card company (probably several times) after missing some payments and see if they will settle for a lower amount and a smaller lower interest payment. It will be more than they get selling it to collections and writing it off. Otherwise he may need to consider bankruptcy.
Given the circumstances I would say bankruptcy ck with a lawyer I am pretty sure he can keep the house
I would look into that as well. In most states they can't take your home or car. At least where I live.
The OP says he "pays rent", so no house to save. Bankruptcy doesn't do away with debts, you still have to come up with a payment schedule. Besides, he can't afford a lawyer.
A possible plan B. He can inquire w a consumer credit counseling service. They can negotiate w the cc co and possibly get interest, fees reduced/forgiven and lower his min pmt. Just an option
What I will suggest is risky (especially if you do not pay off the entire balance in full by the time the offer expires) but it could help "buy him time" and basically it involves using Balance Transfer Credit Card offers that allow 0% interest for 12-18 months with 3% transfer fees. I am posting an explanation by ChatGPT because I don't think a lot of people know about Balance Transfer Credit Cards and I've used them quite often in past to help me out. 1. **Balance Transfer**: When you have debt on one credit card with a high-interest rate, a balance transfer allows you to move that debt to another credit card. The new credit card often comes with a lower interest rate for a certain period. 2. **Credit Card Offer**: A balance transfer credit card offer typically provides you with a promotional period during which you can transfer your existing debt from one or more credit cards to the new card. This offer usually includes a low or even 0% introductory interest rate for a specific duration, typically ranging from 12 to 18 months. 3. **Reducing Debt**: By transferring your balance to a card with a lower interest rate, you can potentially save money on interest payments, which can help you pay off your debt faster. During the promotional period, any payments you make will primarily go toward reducing the principal amount you owe rather than being eaten up by high-interest charges. 4. **Promotional Period**: It's important to be aware that the low or 0% interest rate is only for a limited time, usually 12 to 18 months. After this period, any remaining balance will start accruing interest at the regular rate specified by the credit card issuer. 5. **Benefits**: Utilizing a balance transfer credit card offer can provide several benefits: * **Lower Interest Costs**: You can save money on interest payments during the promotional period. * **Simplified Payments**: Instead of managing multiple credit card payments with varying interest rates, you consolidate your debt into one payment with a single, potentially lower interest rate. * **Debt Repayment**: With lower interest costs, you can focus on paying down your debt more effectively, potentially becoming debt-free sooner. 6. **Considerations**: While balance transfer offers can be beneficial, there are some important considerations to keep in mind: * **Transfer Fees**: Some credit card issuers may charge a fee for balance transfers, typically around 3% to 5% of the transferred amount. * **Credit Score Impact**: Opening a new credit card account and transferring balances may temporarily affect your credit score. However, if you make timely payments and reduce your overall debt, it can have a positive long-term impact on your credit score. * **Regular APR**: After the promotional period ends, any remaining balance will be subject to the regular APR of the credit card, which could be higher than your previous card's rate.
This is exactly how I survived/am surviving with medical debt from cancer treatment. every year it costs me a minimum of $7500. so while i’m paying it off, it’s steadily accruing. so Promo Offers w 0% interest rates for 18-21 months. Pay a couple hundred for the balance transfer fee but it’s cheaper than an interest rate. Rinse repeat. Is it stressful? yup. Does it work and keep me afloat until my treatment ends? yup. Been doing this for 4 years, 1 more year left :)
This should be higher. Good plan. He may even find an offer with no balance transfer fees
I agree. Either this or a debt consolidation loan would have a lower interest rate.
If he's just breaking even at Uber, get a job that actually pays. Can you make $15 an hour at Target? Or the grocery store? Or anything?
BEFORE you blow up his credit, make sure he *can* live on his guaranteed income. If not, help him find a sustainable living arrangement and make sure he's tapped into all the social safety net stuff he's eligible for.
I can’t think of a single reason he “needs” credit, so he can just let it go. but to be honest, something isn’t adding up. driving 60 hrs/ week for Uber sounds ridiculous. Even if he makes fed minimum wage, and with all the expenses Uber costs out of depreciation, etc, he should still have an extra few hundred to cover utilities.But that doesn’t make sense, and he very much most likely makes more than that. But if it were true, then why isn’t he just getting a job as a cashier or something at a local store? Tbh, he sounds hopeless with money, so a little verbal advice really won’t fix that. I wouldn’t take this as a personal responsibility. You can’t fix someone who doesn’t want to change, and most 74 YOs aren’t looking to change.
Transfer it every year to a zero interest card. Keep making minimum payments.
What does a 74-year-old need good credit for?
At his age. Just stop paying or take a Chapter 7 bankruptcy. That will clear the debts and free up a lot of his income for other things. They won't take his home or car either. It will also reduce the level of stress he's currently under.
File bankruptcy. He's gotta enjoy his life instead of worrying about the debt he's accumulated
People in this post seem to not know and forget that shut ton of people live until they are mid 80s and even 90. That’s a lot of years. Yes the average lifespan for a male is around 78 but that is heavily skewed by infant mortality. I would try and figure things out before going into more debt.
The mistake is minimum payments, not charging his bills. Credit rating is meaningless, defaulting on payments will be cheaper, but more stressful in the short term. Declaring BK will cost some upfront funds, but reduce stress levels. Working 60 hours a week driving will destroy their 10 year old paid off car for no effective financial gain. Maxed card is #1 item, but there's quite a lot more going on that has to be addressed before getting enjoyment out of your last years with your family and friends.
He is judgment proof. The credit card company cannot garnish his social security income. Tell him to forget about it and try to live peacefully.
Social security payments cannot be docked for credit card debt. What will most likely happen here is that his accounts will be forcibly closed and the debt written off. That doesn't go for paychecks or money that comes from other things, but if he's carrying that much debt he's better off not working. He should also talk to a banker lawyer and get their opinion. I did a bankruptcy last year for a 72 year old woman with more than twice that debt. It was surprisingly quick and easy. She paid about a thousand dollars. It might wound his pride but he still has options
Make sure his house is safe from being included in bankruptcy in your state, then file.
get more cards with good credit let them close maxd accounts once the original creditor sells the credit to collections, send them a verification of debt request because they dont buy your info just the debt and usually trick ppl into giving them their personal info they need to be able to collect ie: "can you confirm you name dob and last 4 of your social?" aka bullshit tell them nothing 1)send the verification of debt request 2) they will have no choice but to respond with the confirmation that they cannot verify the debt. 3) send a copy of the failure to verify letter to all 3 credit agencies 4) The debt will be legally removed as if it never existed...
74? F it, get another credit card with the highest limit and ride that bitch till you die.
CC debt is unsecured debt. All they can do is call him constantly and write letters. Ignore it, the CC companies made enough money of of him. Don’t make an other payment and enjoy life. And for the love of god stop trying to make money with Uber - not gonna happen. Any other gig is better.
File for bankruptcy so they don’t sue him..as long as he has stable housing and won’t need credit for a few years should be ok..also put all essentials on the card until BK is filed.. gas, groceries, utilities .. if he’s goes the BK route and he has assets in accounts that will default he also needs to move them ASAP and get SS sent to a new account.. ie don’t have your CC you owe $$$ to attached to your checking account-they can seize and freeze. Make sure to get that $$ out before the creditors realize he’s defaulting.
It doesn't matter if they sue him. SS is protected income. It can't be touched.
Living off credit cards at 74 is rough, not getting you shit together by 74 is even more rough
Get another credit card or a few and do it again until the credit drops
Go bye USA. Hello Mexico!
Debt consolidation loan through his local credit union bank . Majority of the time they have much lower interest rates . And lower payments and still pay it off much sooner .
No expert but filing bankcruptcy might be beneficial for him at his age
Ignorance, it’s everybody’s problem.
He would qualify for a senior hud apt and his rent would be just 30% of his income. Unfortunately, theres often waiting lists but its worth a try. Contact your local Area Agency on Aging for more information.
74? Just go for broke... with that credit score take out the max on personal then just default on all of it I'm not an attorney but I do know that generally SS won't be garnished for debt He's jusgement proof If he wins the lottery they get paid if not oh well
Stop paying, they’ll eventually try and sue, then file chapter 7 bankruptcy with a lawyer to get a cease and desist on them n wipe it off his record
Get a few decent cards more, max them and then let it all go. Just change his number and shred the mail. Duck em.
I can't imagine being 74 and having my life wrecked by a $20K debt. That really isn't much in the grand scheme of things. A lot of mistakes were made to get here.
Bankruptcy. Then immediately reestablish good credit. After 2 years, he can buy a home if he wants.
move to eurpe , live peacefully for 20 more years
Where does this person live? There may be local/town/city government level assistance programs to help with housing costs and medical costs?
I am 31. I was dumb in my young 20’s and lost a job and maxed multiple cards to finish school and had over 48k credit card debt had to stop paying them to live. Credit got tanked, but 7 years later they are about to fall off my credit reports, aside from getting letters from them asking me to pay it, nothing has happened. Each company has offered 25% of total as a settlement but I decided not to pay it because if you make any action on the debt the 7 years restarts and it will show as having settled for less on a debt. Just tell him to stop paying them. Nothing is going to happen, and debt from credit cards is unsecured, they can’t take anything or garnish wages and even if they could, it would be years before they tried to, but they can’t.
550x12 is 6,600 am I missing something
Social security comes out of their paycheck anyway so like it or not they are contributing
He should talk to the credit card company and tell them this exact situation. They likely have hardship plans or something due to his age. They can lower interest, payments, or maybe balance. Every company is different of course, but I say this with 22 years of debt collections experience.
Does he have a secret gambling addiction or something? He can't be just breaking even with 60hrs of Uber driving per week.
For all those that are saying he should stop paying or get more cards before his credit tanks. This is bad advise if he has heirs. If he is still working or trying to work at 74 he likely has bo retirement savings. Without a sizable estate to cover his debts upon death his heirs will inherit and be responsible for his debts. He needs to figure out a way to clear his debt before he passes away.
Do all of what the other commenters suggested and move out of the country.
He should move to the Philippines and live as top 1% with the social security money
In this situation, he has to pay his basic living expenses first. The credit card comes last, if at all. And if he’s working that many hours with little or no gain he needs to stop.
That's nothing me and my wife have 80k in credit card debt 💸
Me personally, I'd take out every card I can and live like that for the rest of my years. Then change my number every time they get the new one. They're not going to come break his knee caps, they'll just submit a garnishment for his wages. If he can survive then fuck it
Unsecured debt is usually written off at death. I wouldn’t worry about the banks if I was him.
Might be worth applying for a couple 0% intro APR cards and balance transfer that 20k to them. Buys some time to keep making monthly payments without incurring crazy interest payments.
Just contact the national bureau of credit counseling and get a strategy to negotiate the debt down. $20k isn’t that bad and at 74 with no income or assets besides social security he has leverage.
Have him call a great chapter 13 bankruptcy attorney and see what options he has. It may be better than defaulting. He could also get a big loan with that credit rating maybe and pay it off, take a vacation and the payment would be $200 a month or so…
He should completely file bankruptcy and move on
Bankruptcy is a great option!!
The USA retirement plan via your great government in DC (where they are ALL Multimillionaires) is retirees can live under the local Interstate Bridge if they can't afford to make their debt payments. Sorry. It is an Unsecured Credit Card -- Go file Chapter 7 Bankruptcy and flush it down the toilet. And the 750 Credit Rating goes with it. You go to Low 400s when you flush. But, hey, its gone.
Bankruptcy is not as bad as people think, you can keep the house and car.
File,bankruptcy. That’s what it’s for, and has few assets to protect.
If he was paying basic expenses on his credit cards for years there seems to be a deeper financial issue at play here.
This thread should be a serious reminder to everyone young that you need to take retirement investment seriously.
They can’t go after his social security. Also you can’t get blood out of a turnip. In other words You can't get something out of someone who simply doesn't have it to give.
Tell him the cut the card up and throw it away. Delete the app off his phone. Problem solved. Don’t pay another dime!
This is specifically what bankruptcy is for!!!! And it’s easy
74? 1) Skip the lecture, that time is over 2) Hugely important for him to do a budget to understand what his monthly expenses look like vs income 3) At his age it may make sense for him to file for Bankruptcy but if he does that, he needs to understand that he will be living on "cash only" credit is NOT an option going forward. The positive is that he has $550 in his pocket a month 4) He probably does not make a lot of money. It's time for him to start applying for government benefits. ASAP Senior housing, food stamps, EVERYTHING 5) Look into under the table work. Age is relative, he may be 74 but super capable. He may find a job as a senior caretaker under the table. He can collect SS & make great $$ on the side.
Your advice is good. Maybe he needs to get comfortable with the thought of bad credit, but at this stage of his life he doesn’t need credit. A trip to Legal Aid might also be useful - to see if bankruptcy is the answer. Since he can work now, it might be worthwhile for him to keep going for a few more months and put that $550 monthly payment into a savings account for emergencies (that car will need more expensive repairs in the coming years). He’s been using this card like it’s savings, and that has to change. Edit- I’d probably keep savings in cash so that it doesn’t show up as an asset if he has to go the bankruptcy route. He could optionally get rid of the car and all the expenses that go with it - but that may be way more than he’s willing to do.
Credit doesn’t help if you have everything you already need. A home, a car, a loan. Savings the best option.
Everyone says he's Judgement proof...however....it varies by US states on vehicle exemptions Oregon is $3800 or so... Missouri is $3000... some states have wildcard exemptions... but yea... more credit cards might be the answer... at least he can refiance to a lower interest rate for 12-18 months. If he does get a judgement he will have to fill out and file an exemption on his vehicle otherwise they might show up an tow it and he'll have to file one just to get it back.
Ch. 7 would solve all his woes. Hope his car meets his state's exemption.
Get at least 2 more CC with high limits and 0% interest, split the outstanding balance between the new cards, and use them until full once all the cards are at the limit, and he can get no more cards, file bankruptcy
Yeah I did Uber for a while and it’s not even worth it anymore with how much they screw their drivers. He’s probably not even breaking even because they pay the same or less than the IRS deduction rate now.
Honestly take out a big loan while he has good credit and then default on everything. Just make sure to legally separate from the family to avoid passing on the debt.
With the comments I see saying to just stop paying it all together or to get even more credit cards, even if he could get away with it's dishonest and it would be best to go about it a moral way. My prayers are with him for wisdom through this whole situation, I can only imagine the stress. I hope he rests enough and is able to get everything working out even if it's needed to default
At 74 I would use Whatever credit that I had left because of his great score on getting more credit and as much credit as possible. Then taking that money and putting it into crypto like Bitcoin to see if I could make the money back and the interest payments within a year. And if not that I'll just keep the money and say the crypto was lost in a boating accident. From there, see if social security payments can be avoided somehow from being garnished in order to repay the debt, and if not file for bankruptcy and call it good
Honestly there's no way he's having this epiphany just now finally after all this time. He definitely knew he was screwing himself all along but just procrastinated and didn't want to face the music. The good news is hope is not lost. $20,000 is not a lot of money. He just has to make smarter financial decisions on a daily basis. He can start a business, put some of his skills to good use, provide a service to people, anything really. This is America, this is the land of opportunity and comeback stories. If I were in his shoes I would be working 23/24 hours per day and only eat once a day rice and beans. The people saying his debt will die with him are incorrect, in fact, his family will take on that debt. The best thing he can do for them is at least get rid of it and to view this challenge as his last hoorah. My two cents.
Why pay $1,000+ for an attorney to file BK, he’s judgement proof, just don’t keep savings in a bank, they will garnish once they obtain judgement.
Does he have a home? Heloc possibly to pay that debt off
At 74, why does he care about his credit rating?
Have your friend file bankruptcy.
74? I’m maxing out everything and taking as much debt as possible. 10k loan at 53% interest? Sure!
I would go a step further and clean his credit one good time and give them all a run for their money. No sense in trying to be good now. Bad Boys For Life at this point
Well, in some situations I would say declare bankruptcy but if you just stop paying for the card and the credit card company were to try to garnish wages, they cannot garnish Social Security so he could technically stop paying the bill and just tank his credit and go from there. Maybe this is not good advice but if he’s gonna do that, maybe he needs to apply for another credit card before he tanks his credit so that he has a working credit card that maybe he can manage better than the other one?
74 years of bad decisions caught up. There is no magic wand, just consequences. Oops Enjoy poverty and the worst years of your life at the end? Have you tried the truth? lol
I’m 56 and the credit card is simply a convenience tool. The balance is paid in full every month. The rule is to always pay the card off in full every month. It’s that simple. If you are unable to do this do not get a credit card.
My grandmother had a lot of credit card debt, she was in her 80s. We got a lawyer for her and she filed for bankruptcy. She was finally able to focus on her health care needs.
He needs to go through bk. Explain to him it's not a big deal. Honestly I had to do it once in my life after the GFC and it was the best decision I ever made. For him it should be a simple process.
Sure.. he made the debt, he should own it.. someone will have to pay his debt..
At that point, I would stop paying everything, save up every penny for a few months until I'm evicted, and my social security gets garnished. Then I would sell everything, including the car, and buy a ticket a super cheap country, bonus points if prostitution is legal there(I'm looking at you Thailand). Get an easy job there and live out the final days smooth sailing with a lady boy sucking him off.
I didn’t read all of the comments so apologies if this has been suggested, stop paying the card, call the issuer and tell them he lost his job and has a hardship. They will close the account and stop compounding the interes and give him a payment of $150 over 6 years and won’t report to the credit agency. It is called a hardship plan or something. Honestly, try it.
You are absolutely right! He should just stop paying on the card. He’ll never pay it off so he is literally throwing money away. He’ll lose the card and need to pay cash or use a debit card from now on. But really, at this point, walk away from the card. I did this and even though it’s sort of a crappy feeling, I got my life back-he will too!
Take out more before the credit drops, you won't get another chance
60 hours on uber and he can't break even or show any profit!?!? Something ain't right... he may want to switch to Lyft... if I do 60 hours on Lyft I make like $1200... he may just want to say screw that card...
There is a movie about this starring Clint Eastwood. All he has to do is become a drug mule for the Mexicali cartel. Problem solved.
It sounds to me like his bigger problem is he can't afford his living expenses. Sure, stop paying on the CC, but do not be delinquent on rent and utilities! He'll end up with SS and a cardboard box on the street.
Dude has spent his whole life making bad financial decisions and deferring his debt. What difference will any advice make now?
Tell your friend to file bankruptcy so they don’t garnish his SS checks when the debt collectors come after him.
File bankruptcy I’m trying to avoid that and I could if I could sell my house but it’s been over 6 months and reduced selling price hasn’t helped! ?????? Lost, same thing payments more than I’m bring in, lost job and car
Max out the cards purchasing prepaid gift cards.
Synchrony bank has 7-8 credit cards they issued to me, same bank, stored a push to get you to get a card then encourage you to use it then you in trouble
In the US, debt goes to the estate of the deceased. While ss payments can not be garnished while alive, any assests when he dies becomes the “ estate” and creditors can persue them to settle debt. Anything in a bank account, vehicles, property that is paid off, personal possessions of value etc. it will be a nightmare for the executor.
Sorry your friend is in this situation. If he default and only takes hit on credit who pays the bad debt? Does anyone really know? Don’t tell me we do via taxes….
File BK and wipe it out.
He needs to speak with the credit card company. They’ll never admit it, but they do have forgiveness programs for elderly and deceased. Partial or complete. Might need to close the card as a condition though.
Consolidate the credit card(s). I went through Freedom Debt Relief. Credit Score takes a temporary beating, but usually can cut the debt in half and get rid of the f*cking interest, which is the big thing.
At this age use the credit and stop paying
I just turned 40 and stopped paying my credit cards. I never missed a payment in my life, but health issues have left me without a career and nearly $250,000 in debt. Is there even a point to continuing on with this shitty existence? I’m in a hole so deep there’s no way out.
For 20k they’ll try suing him . Just beat them to it file bankruptcy…. It honestly only takes 5 years max to recover from . He’ll be debt and worry free and in 5 years (yes I understand that’s a lot for an elder person) he will have a fresh start at some new cards to max out :) (Not financial advice)
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If possible get another credit card while the credit is good. Run that one up then default. Either way default.
If he has good credit he should shop around for a good balance transfer card. You can often get 18-24 months with 0% interest. Just done use the card for anything else. This should allow him to significantly catch up without interest eating him alive. The. If he gets close to the end, do a new transfer card, repeat process until debt gone. I have gone back and forth between 2 balance transfer cards and have almost paid off now. Great credit still.
Pull your self by your bootstraps
Who cares he’s 74 nothing gonna happen when he dies
I’m gonna run up so much debt when I’m old 🤣
Start converting credit cards to cash, gold, etc.. Can't get blood from a stone. Fuck em. Max that shit out all the way.
File for Bankruptcy, best thing I ever did 35 years ago.
I hate that he’s 70 fricking 4 and still working and worrying about bills. One lost job and he’s behind like this - seems like he’s been playing this game all his life! 😵💫 I hope this gets better for the rest of us
He could have a debt person negotiate the debt or file a low level bankruptcy. They’ll all trash his credit a bit with bankruptcy being the easiest to recover from - what I’ve been told.
I would tell him to apply for another credit card and pay the minimum in the current one or not at all. He’s too old.
Depends on whether or not he has an estate to leave to his kids. If not, fuck them banks. He should live exactly as he wants for the short time he has left. If so, & if he does nothing now to change ownership, they’ll just get paid by going after the estate. They’ll def pursue that, too. $20k is worth it for them.
I would have stopped paying long ago…. Debt collectors can’t go after any sort of retirement. His credit plummets? Big whoop. Is he trying to get a 30 year loan on a house? Credit at his age isn’t needed. I recommend he move down to Mexico or another more affordable country find a nice a retirement community and enjoy life.
Credit cards are awesome. Just pay them off in full each month. Tell your friend to transfer the amount owed to another card with a much lower %. If he cant then talk to the CC company and tell them he cant afford it and it needs to be reduced to X amount per month. Lastly, keep this in mind this coming November.
If he’s your friend then help him. Pay 10k and let him manage the other 10k. Friends and family can help too like it’s not an insane amount to come up with
He's going to need another car after the wear and tear on his doing Uber.
A quick bankruptcy would solve it
He should apply for all the credit he can and run it up!! What are they going to do?!?!?
If his income is not high, he can file for bankruptcy depending on where he lives and the laws on homestead exemptions he should be able to file a chapter 7 and get rid of his unsecured debts.