Asked 12/8/2009
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A senior with credit card debt and on a fixed income now. Help! I have a 79 yr old mother on a fixed income. Social Security and Government Annuity (State Dept/Navy combined and it is less then $500). All total she gets less then $1,000 per month. It is all she has to live on. I am told there are government grants Federal, State, & others to help. She has 1 credit card which she can't pay now that her situation has changed to solely a fixed income. We need help! The credit card company when we called for help, while she had other income, to reduce her interest increased it instead. She was in good standing and had never been late or missed a payment. This resulted in the statement having higher NOT lower balance when a payment was made due to the amount of interest. Now that her situation has changed to a fixed income there is no way to live and pay this. How and Where can we get help! |
Answer 1/1 - Submitted 12/8/2009
I'm sorry about you mother's situation. If it makes you feel any better, almost every bank and credit card company is raising rates and lowering credit lines. This includes people with perfect credit!
At 79 yrs old, I can't see your mother trying to by a house or anything large with credit, and it's likely she wouldn't be able to afford to anyway. My advise is to cancel the account immediately before any more interest accrues. That will at least keep the balance from getting any higher. At that point she can begin paying whatever she wants, even if it's just 5.00 a month. If she does that, she will go on record as a slow pay, not a no pay. They may call or send letters to her asking her to increase her payments but she doesn't have to. They basically can't touch her. Just ignore the threatening letters from collectors. They, seriously, can't do anything to her. Cancel that card. Good Luck! Cyn
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