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@jsucool76 wrote:How old is your grandmother?
Not trying to be the negative nancy here...but if she's up there in age, and she doesn't really have a use for credit, might as well just leave it be. Worst that happens is they go after her estate when the sad day comes, and as you said, no assets, so probably no estate. And if your father was a cosigner on anything, they'll go after him, but you don't seem too worried about him at the moment anyways, since he's responsible for the issue.
+1. From a purely financial point of view, not doing anything is the way to go. And it would certainly make big difference for your grandma not to pay $500 in minimum payments.
I understand you want to help your grandma, but also see how much more burden it'll be on her.
I agree with the above. Is there a reason she NEEDS credit at this time of her life? Many folks are disposing of assets at that point, simply so they will qualify for Medicaid if they need long-term care. Actually, filing for bankruptcy might not be a bad idea. It's certainly worthwhile to consult an attorney with experience in estate planning and/or bankruptcy.
I'm sure the emotional hurt for your grandma at this point is more harmful than the financial hurt long-term. I'm glad you are looking out for her.
@massdefect wrote:My only concern is what the initial CL will be? Surely it won't exceed $15,000? They didn't give me much love! LOL.
You won't know unless you try, and if you can at least knock out the card that is racking up the most interest each month you're and her are on your way to a solution.