My mother is 78 years old and has one major credit card with Chase current balance is $16,575.00 . Mom is the only person on the account as our father passed away 25 years ago.
Mom has lived with me for the past 10 years. Her only income is her social security each month.
She always pays the minimum or a little more on her credit card each month so her credit is good. Unfortunately at 10.24% she is rarely reducing her balance.
My bother and I are willing to pay off her card and have her send us a check each month interest free until we are repaid. At the time of payoff we will cut up the credit card and ensure Mom only uses her debit card from her saving account for future purchases.
If my mother passes away prior to paying her credit card what happens to the balance owed?
I am not listed anywhere on her credit card but I am listed on her saving account so that if she is unable I can write checks for her. Do I have any personal risk to her credit card debt?
How do my brother and I negotiate a lower payoff amount for taking the age related risk away from Chase?
Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.How Do We Deal With My 78 Year Old Mother and Her Chase Credit Card Debt? - Christi by Steve Rhode