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Credit card default or not
Should I pay off my credit card debt or default?
I am a 72 year old woman recently widowed with 25k in creditt card debt in my name. I live in NY state and currently employed making 23K/yr. I own my house with a value of 100K. I have an 30K in savings and am receiving 50K from a life insurance policy. I don't think I'll ever have a need for credit again, so I'm not worried about my credit score. What are the pros and cons of defaulting on the credit cards? |
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Pay the debt. You borrowed the money, pay it back. If you don't you will be sued for the money, which will result in a judgement against you. You are employed and have assets. The creditor will get his money, probably twice what you owe right now. |
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They will file a judgement and when granted, you will no longer have 30k in savings. You will have zero... and probably still owe some. They can (and likely will) attach a lien to any property you have making it impossible to sell without settling the lien first. Plus, this isn't about your credit rating... its about morality. You borrowed the money - pay it back. |
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