Dying Americans leave credit card debt behind

[The Straight Story]

Dying Americans leave credit card debt behind

TYLER, TX (KLTV) - It's a looming problem among aging Americans, and many of them say they're not worried about fixing it, ever. A recent poll shows that nearly 40% of Americans acquired credit card debt after they retired, and they have no intention of paying it back before they die.

At age 73, Ed Ingold is armed with a variety of credit cards.

"I have 'em all. A Discover, a Visa, a MasterCard, Walmart. But you have to be controlling. Any debt I have, I try to pay off. Credit card, I try to pay it off, monthly, or it could be a fortune," Ingold said.

Ingold keeps a close eye on his bills, but the number of retired Americans in credit card debt has spun out of control.

"I think the idea of retirement is at the forefront of lots of people's minds. But, a lot of people are retiring who can't afford retirement," Estate Planning Attorney Greg Kimmel said.

More than half of the people surveyed said they saved less than $50,000 for retirement, and many of them said they saved nothing at all. Only 4% said they waited to retire because of debt.

http://www.kltv.com/Global/story.asp?S=13584072

[Crazy Dave]

1. Many have lost their jobs, their savings are gone and now...

...the government wants to take away their Social Security.

Sure sucks to get old in America anymore.

[Vincardog]

2. After 30 years of Conservative control of our economy has lead to lost wages and jobs; now they want

blame us for not making enough money to SAVE more?

Blame the victim some more

[xchrom]

3. 'looming problem' - heh! -- humans expire --

Must be another of those 'surprises' on the part of experts.

[ejpoeta]

4. who the hell can afford to save money? when you spend everything you have on rent, pills and

utilities and food if you are lucky.... tell me how you have money to save? my dad wasn't doing too bad. he had retirement from kodak and social security. and he lived with his girlfriend who had social security. when my dad died he had a few hundred in the bank maybe which was used towards his funeral and he had a car and an old camper that wasn't worth much. that was our inheritance... that and a shed full of everything he owned. and he left an insurance policy that went towards his funeral and a headstone. and it was nice of the credit card companies to expect for us to pay the bill. if his cancer had been found on one of the numerous times he went to the hospital over the two preceding years before his death instead of being treated and streeted he might still be around to keep paying for those credit cards. as far sa i am concerned they can eat it.

[2Design]

5. exactly - it is not your responsibility and it is one way

for old people to live through their last years without funds because our govern wants them to DIE QUICKLY - health care is too expensive without reform

[dixiegrrrrl]

6. We OWN the banks, they belong to the taxpayers, so hell yeah, use that credit card!

Every time I read "the Fed" gave money to banks, I want to scream.
"The Fed"'s money is OUR money.
The banks had NO problem taking our money to give themselves obscene bonuses and to buy out other banks.
The banks had NO problem literally stealing our houses with mortgage fraud.

And they want some dying 80 y/o old to pay off credit cards????
I am amazed ANYONE bothers to pay them off.

[Poboy]

9. I like your 'fight' dixiegrrrrl. -nt

[woo me with science]

7. I suspect a lot of people are less concerned about the morality of paying back credit card debt.

than they used to be.

Even good, moral people who consider debts to be serious ethical obligations.

So many people have paid back the amount that they originally borrowed many times over because of the never-ending cycle of fees and interest charges.

After years of doing that, the moral obligation to get the balance to zero just doesn't feel as strong.

[XemaSab]

15. I think part of it is the sense that the companies are a faceless, bloodsucking entity

I have student loans, and I would feel differently about it if the money went to the school and not to some company that bought my debt a few years ago.

[woo me with science]

16. Well, that was sort of what I was trying to express between the lines,

but you said it better.

[XemaSab]

20. Thanks

:hi:

[TwilightGardener]

8. It will come out of the estate, whatever's there. But, I don't care

if the credit card co's get shafted by old people dying off. I really don't.

[Hello_Kitty]

10. I always said if I die in debt, I win.

Looks like I'm going to get my wish. :)

[jwirr]

11. Some things I learned while becoming one of these people: Banks

do not seem to understand what it means to get a Social Security Check. Either you are getting old or you are disabled. Either can mean that at any time you will be placed in a nursing home or foster home. At that time the money is no longer yours to pay the bills with - it goes to the facility. In other words the future is not certain. Yet they borrow money on the basis of you Social Security.

They borrow money to the account holder AND all others on the account regardless of ability to pay. My daughter is severely disabled and got a good sized Social Security check. She lived in my home, as did my mother while I took care of both of them. My other daughter was also listed on the account so that if anything should happen to me she could access her sister and grandmothers money to help them. So the bankers figured I who made very little was eligible to borrow based on the credit rating of these other people. My mother died after a stay in the nursing home, my disabled daughter is in a foster home. I am left with a debt that I will never be able to pay off. In the end most of my check was going to pay the debt while I was forced to live with reluctant relatives to survive.

I am not saying that the bank is totally to blame but shouldn't they have at least looked at the true situation? I even told them that I did not have all the money they thought I had - no one listened so when I had an emergency I took care of it with credit. Now I am in hiding from all the lovely creditors.

[Raine]

12. Dead or alive those vultures will try and find

away to collect it from someone who is left behind.

edit: typo

[WestSeattle2]

13. The total lack of business ethics in the financial industry makes

it laughable that anyone would consider it a priority to pay them off before dying. Please. It's the way most American's can strike back at the bastards. Will it raise interest rates on the rest of us? Probably. So we'll just all have to do the same in order to recoup our losses. Less profits for them equals smaller bonuses for the thieves. Max out those cards, and apply for more - you'll be helping out the economy with all that shopping too. I'm not seeing a problem here.

[nadinbrzezinski]

14. On saving. Yes, it is possible.

Even in these times...we do...alas the TV is 12 years old, the truck is 18 years old and so on...

[Bluenorthwest]

17. Do you own just the one vehicle in your home?

Do you and your spouse file a joint return?

[undeterred]

18. There are no lawyers in heaven.

[Swamp Rat]

19. k&r