Swiping away credit card debt

You cannot get rid of the credit card debt officially without filing bankruptcy. All they can do is not to pay back the debt and wait till the creditor sue them to the court to recover the debt through judgments. Now, since they have retired and must be living on social security, the ss benefit cannot be garnished and so the debt cannot be recovered by the creditors.

For filing bankruptcy, it is not necessary that you should have some property or a source of income. All you need to do is to go through a 180 day credit counseling program before filing bankruptcy where it will be decided whether you qualify for Chapter 7 or Chapter 13 bankruptcy. Now since the people you are talking about do not have anything to pay back the debt they will easily qualify for Chapter 7 bankruptcy.

Credit cards are getting harder to find and more expensive to use.
With bank loans harder to find, many entrepreneurs will rely even more heavily on credit cards, running up personal debt to finance new ventures and cover costs for existing ones.
Commotion from credit card company representatives bombarding students is a familiar scene at GW. Recruiters frequently offer students incentives such as T-shirts and water bottles for simply applying for a new card. On company Web sites, major credit card corporations frequently offer students discounts at online retailers to join their legions of cardholders. For many students, getting a credit card carries many tough lessons in personal finance.

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Hi internet,

I agree with you. Credit card companies, often try to tempt youngsters into applying for credit cards by giving attractive offers. But recently, I have heard that credit card companies have been banned from sending credit card applications, through mail to people who are under 18 years. Added to that, people below 21 would need a co-signer to get a credit card.