I read about this elderly lady who at 74, owes "$41,000 on 12 credit cards with interest rates ranging from 9.9% to 29.9%". I discussed this case with a few friends and asked them what's the best option for the woman.
A friend said that there's nothing to do but to continue using the credit card. She is 74 already, after all, what could the law do to her? I am surprised though, that she just lost her full time job three months ago. 74 and still putting in the hours? My, life must be really, really tough.
An aunt passed away suddenly at the age of 64 a couple of weeks ago. From what I understand, she had a few credit cards to her name, all of which she owes money and only settled the minimum amount each month.
In the event of death, all credit card debt is written off. If we had known that she would be leaving us, we could easily charge her card to the maximum since credit card debt is personal to holder anyway.
A friend said that there's nothing to do but to continue using the credit card. She is 74 already, after all, what could the law do to her? I am surprised though, that she just lost her full time job three months ago. 74 and still putting in the hours? My, life must be really, really tough.
An aunt passed away suddenly at the age of 64 a couple of weeks ago. From what I understand, she had a few credit cards to her name, all of which she owes money and only settled the minimum amount each month.
In the event of death, all credit card debt is written off. If we had known that she would be leaving us, we could easily charge her card to the maximum since credit card debt is personal to holder anyway.
1 comments:
Good for you, if that's what you feel.
It doesn't work for Musliminin because monies owed will not be settled on death. Muslim have to settle their debts at all cause, and upon expiry of life, it is the duty of the next of kin to settle it. If it is not settled by the borrower, or the next of kin of the borrower failed to do so, settlement will be made on Judgement Day.
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