re: Terminal Illness Hypothetical: Single with no assets, who eats the credit card debt?

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getting high end escorts

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How does one do this on credit cards? Asking for a friend

Unsecured debt there Baron Rothschild

If you're making 250 a year, you're more than likely to have a life insurance policy on you, provided by your employer.
If you're self employed, you probably have a bit of capital tied to your company.

People have more assets, etc. than you think.

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If you're making 250 a year, you're more than likely to have a life insurance policy on you, provided by your employer.
If you're self employed, you probably have a bit of capital tied to your company.

People have more assets, etc. than you think.

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good point.

They'd probably recoup some stuff from furniture, watches, etc. as well as my insurance.

See, this is why I bring my work place hypotheticals to the OT.

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What happened?

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she died....

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Who eats that 150k debt when I die? Credit card companies? I have no major assets for them to seize to pay for it.

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Cost of doing business, heard the term "risk" before?

Have no fear though. Accounting statement minimizes some of it when it comes to taxation.

Also, all the hyperventilation over credit delinquency in the news and driving Wall St. investment and stuff?? The industry average for all Class A and Class B lenders is under 3% total portfolio is even late on paying, the vast majority of the 3% is in the 30 day late category with roughly 1% charge-off rates (charge-off = charged to bad debt, written off as a loss).

Also, consider all those Guido's doing debt collection...they're part of the total employment equation for the nation. That many more competitors for jobs without the debt collection industry. Technically, being a deadbeat provides job/investment opportunity! (bad debt portfolio's are bought/sold/traded/etc. for under $0.03/dollar owed so that $150k hypothetical from OP? Sells to a debt collector for ~$4500 to an agency who resells it once known noncollectable. Also lessening the loss to original lender)

If you owe the Dr. he will give you more time.

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let's say someone did say "frick it" and do what the OP mentioned but the person DOES have immediate family. Not spouse but let's say a brother or a child. Would the bank come after those people? That would suck beyond my wildest imagination to get that call like "hey sorry your dad died but you owe us $150K" How is that even legit?

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Are you serious right now?

They shouldn't,