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Home > Ask The Get Out of Debt Experts > Can you advise my mom on what to do as a recent widow left with credit card debt? – Tonya

Can you advise my mom on what to do as a recent widow left with credit card debt? – Tonya

My Mom is a recent widow (dec.2-2011) and didn’t know the extent of credit card debt that my Dad had aquired. Two of the cards were in her name.. the approximate debt is 28,000.00 high interest and

No insurance. Income tax has not been filed in 2the yrs either.. help! She has been responsible and paid her cards off in the past. He was terrible with money and she did not know that this was happening. What is the best step or maybe the first step she should take? She is 65in yrs. Old and self employed.

Thanks,

Tonya

Can you advise my mom on what to do as a recent widow left with credit card debt? - Tonya by

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  • Michael

    Hi Tonya,

    Are the 2 accounts in your mothers name added up equal to the 28k, or is that all accounts combined?
    If the 28k is all debts totaled, what are the balances and interest rates on the 2 accounts in her name and who are the accounts with?
    Are payments on the accounts in her name current? If not, how many months behind?
    Is your mom able to meet all monthly bills and necessities before considering the unsecured debts?
    Does she have sizable equity in a home or other valued assets?

    If you can answer these questions in a comment reply you will get some helpful tips and feedback.

    • Tonyat0926

      Two of thecards are in her name equalling about 15k. The other is in my fathers name. He was dealing with the payments since he was the one charging and she said the two in her name are current. I believe the interest rates are in the 20% range. I am not sure about the 3rd. They have no assets but did inherit some property in a very small town in which she is now staying in. It was commercial at one time but the town is not a thriving area so she can live there. She has not filed for SS and makes very little. I am jot certain the CC companies but can find out. Thank you.

    • Tonyat0926

      Two of thecards are in her name equalling about 15k. The other is in my fathers name. He was dealing with the payments since he was the one charging and she said the two in her name are current. I believe the interest rates are in the 20% range. I am not sure about the 3rd. They have no assets but did inherit some property in a very small town in which she is now staying in. It was commercial at one time but the town is not a thriving area so she can live there. She has not filed for SS and makes very little. I am jot certain the CC companies but can find out. Thank you.

      • http://www.consumerrecoverynetwork.com/ Michael

        Thanks for the additional detail Tonya.
        Please do comment when you learn who the creditors are.

        The property inheritance may be considered part of your fathers estate and the creditor with the account in his name may pursue the estate for payment as a result. You and your mom should really speak with an attorney about the implications if the account your father had is not paid.

        With the interest rates as high as they are on your moms accounts and given the balances, I estimate a monthly payment of roughly 325.00 if she were to enroll those accounts into a debt management plan with a credit counseling firm. The accounts would be closed and she would need to commit to the 325.00 payment for 48 to 60 months. Is this doable?

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