My Mom suffers with dementia. I’ve been taking care of her for several years. She ran up two credit cards to $12K! Due to an increase in her rent, etc I cannot pay the minimum amounts due. I do send in payments but the companies just add fees so the balance never changes. I’ve tried to work with them but their minimum monthly payments I just can’t pay. I’m thinking of not paying them at all. Mom doesn’t need a good credit score. It’s said because she never had a CC balance ever! Any ideas or suggestions would be so appreciated.
Paying the minimum is just a waste of money. At 12k its probably only paying the interest and little of the principle. Even if you negotiate down, you still have the same problem. So if it was me, I would just stop paying. Most of the debt is probably interest and/or late fees. Its really hard to get this amount of debt down.
I think "judgement Proof" comes into effect when a person is in a LTC facility with Medicaid paying for their care. SS is "judgement proof" in that situation. Not sure if SS is judgement proof if the person is living independently and SS is their only income?
Your profile mentions that your Mom is living in Independent Living, thus I assume that means she is renting an apartment in senior living, correct? Is Mom still purchasing items, or are these credit card balances old debts from some time ago, and the interest keeps piling on?
Whatever you do, do NOT use your own money to pay your Mom's debts.