He won’t be around that much longer and since there’s no debtors prison why not have him rack up 50k in credit card debt ??

Cons

Well the obvious one is when he dies the estate may have to pay the debts off before his money gets distributed, unless if he doesnt have any money then I cant think of a downside.

I'm sure credit card companies must be wise to this.

Sounds great let's have him spend his last years in fear, anxiety and avoiding the debt collection agency.

Obvious one is that he could live longer than expected. He could also need to take out a loan for medical treatment down the line which will be tougher if he's screwed up his credit.

You (along with your mom if she's still alive/any siblings) could also find yourself liable for his debt after he passes. That depends on type of debt and where you and he live.

It would be wrong to encourage this plus there are many problems or things that could occur and ruin such a plan:

1: If you dad has gotten to 85 and has $50K in credit available then I expect he has lived a financially responsible life that probably carrier over into his other areas of life, hopefully. Trying to encourage something that is almost criminal would make his last days filled with stress as he avoided calls from creditors that he could not pay.

There is also the possibility that something happens, some kind of emergency, where $50K would help but it would not be available because it all got spent on a meaningless shopping spree.

2: If he has any other assets in his estate, the debt would go against them and reduce what his heirs would get. While I do not know what you dad's estate plan is, I would expect even if he has a small amount of money, he would like to see it go to help people like you, his son, or other children and grandchildren instead of going to pay for some credit card fueled meaningless spending spree.

3: At age 85 I expect your dad has already done everything that he wanted to do or would want to do, and the best thing is to see his children and grand children do well, not spend $50K on meaningless consumption.

4: Be grateful that you know and have time in his decline that it is happening. I have had a few friends of mine pass away over the recent years with absolutely no warning, and even though it is six years later in one case and two years in another, it still haunts me to this day, and may haunt me for the rest of my life, that I was not able to have one last meeting with them where all knew the end was coming. In the six years ago situation I was over his house the night before helping to fix his car and thought nothing of it since I expect he was going to go to work the next day; instead I got a call that afternoon saying he was gone. In the two years ago situation I had not visited him for a while and tried to stop over a few times but always got there too late in the day since he had gone out for the evening with friends, a few weeks later I got a call that he passed away while getting ready for work for the day and lamented that I had not made a better effort sooner at visiting him.

6: In your situation you still have time to be with your father and make sure if there is anything he wants or needs that you can do it for him, plus the most important thing will be to show that his family will still be ok after he is gone.

7: If there is something special that he would like or like to do, that could be paid from savings, that is reasonable that should be done, but again, with someone that is 85 years I expect all of that stuff was done a long time ago and the best gift to him at this point would be the assurance that his family will be ok and will prosper after he is gone.

Yes, very wrong.

Next question.

Quote: (01-10-2019 02:05 PM)EvanWilson Wrote:  

It would be wrong to encourage this plus there are many problems or things that could occur and ruin such a plan:


4: Be grateful that you know and have time in his decline that it is happening.

Just to clarify, when I say 'it is happening' I mean that be glad you know in advance his decline in health that is happening in order to prepare for it, also so you have time to talk with him and he can issue any instructions of what he wants or would like, after he is gone. (I realized after reading my original phrasing it could have read as 'being glad he is in poor health' which is NOT what I or anyone would want.) Again, in the two personal situations I cited to, both friends passed away with no warning, and before retirement age, so it was unexpected, and even years later it still haunts me.

Why the fuck are you trying to exploit your 85 year old father, OP?

Nah banks already know this kind of shit that's why interest rates are so high on credit cards. You lose some and win some. Just the cost of doing business.

Other than getting the timing wrong and other small quirks of state law that the family might have to pay as mentioned, the idea is sound. Just make sure your dad doesn't have assets he hasn't told your family, those will pass to the estate. You have to see if your father will actually not care about the collection agencies and etc hitting his quality of life however.

Ignore the other posters riding the morality cock, it is not criminal completely legal and executable. There is no debtors prison and while your father could go out with a bang, it's more prudent for the family to have him max his credit and gift that cash to the family somehow.

How about NO

I hope I have credit card debt when I am 85. Great way to screw over these credit card companies when you pass.

A few tips to be had from Debtorboards.com.

Quote: (01-11-2019 09:16 PM)dopexile Wrote:  

I hope I have credit card debt when I am 85. Great way to screw over these credit card companies when you pass.

I remember getting a Mastercard at Costco. The elderly man in front of me (who was probably 80) was instantly approved even though there's no way they could had done a background check on someone like him so quick. Meanwhile it took days to get my card even though I had years of income and a really good record with my other credit card.

Quote: (01-11-2019 11:50 PM)BaatumMania Wrote:  

Quote: (01-11-2019 09:16 PM)dopexile Wrote:  

I hope I have credit card debt when I am 85. Great way to screw over these credit card companies when you pass.

I remember getting a Mastercard at Costco. The elderly man in front of me (who was probably 80) was instantly approved even though there's no way they could had done a background check on someone like him so quick. Meanwhile it took days to get my card even though I had years of income and a really good record with my other credit card.

Actually, it would amaze you how in tune a number of the systems are now. While it may not look like they did a background check, he was probably already pre approved in various databases and Costco just needed him to show up and convince him to apply. i.e. The work of doing a background check had already been prior to the guy walking into the Costco that day and available in their system for a recommended credit limit. In the past the computing power and storage was not available to have such credit approvals on standby but with today's computing systems it is all possible.

But you are right in that there was not time to do a background check assuming they started it when he applied, the truth is that the background check had already been processed far in advance.

Any decent Credit Risk team will prevent lending to people who are clearly over retirement age.

OP you have a serious lack of character and standards. What kind of son are you, and what kind of person are you anyway?

A bank is a business that provides you with money you don't have with the expectation of getting it back, plus interest.

So your question is essentially: is it OK to encourage my dad to steal? As you reasonably expect he won't be around to make good on his debt.

So what, the bank has to now eat $50k from their bottom line? Have you ever run a business or met a payroll? Have you ever been screwed out of money by unsavory employees or customers to have any idea how that affects your ability to help your honest customers, much less pay your team and yourself?

You need to sit down and meditate on your character and figure out why you even consider such an unscrupulous action unbecoming of even a bum. At least bums beg for their change. And don't give me that malarky about "the cost of doing business". If it's not your money, it's somebody else's.

Quote: (01-12-2019 06:36 AM)Scott Wrote:  

Any decent Credit Risk team will prevent lending to people who are clearly over retirement age.

Actually no, because you legally arent allowed to.

Date of birth cannot be used for underwriting in the US. It is only collected to ensure that banks lend equally to demographics, and for identity verification.

"Date of birth cannot be used for underwriting in the US. It is only collected to ensure that banks lend equally to demographics, and for identity verification."
PM Quote

Correct answer. I'm over 70 and can easily get any kind of consumer credit. Especially if you get Social Security, which is considered a very stable income source even though it can't be attached or garnished. About 4 years ago I financed a property on a 40 year mortgage with a $40k balloon payment due in the final year. Do the math - the bank certainly did - I'll be 110 when it's time to pay the balloon.

WTF? How can it not be considered the bank's legitimate interest to get information about its customers' repayment ability? Not even under the strictest and craziest interpretation of GDPR would something like that fly in Europe. It would be laughed out of the room. Absurd.

Quote: (01-11-2019 09:16 PM)dopexile Wrote:  

I hope I have credit card debt when I am 85. Great way to screw over these credit card companies when you pass.

So you plan to have literally no assets by the time you reach 85 just so that you can go into credit card debt to make the banks "suffer"

That is such an absurdly stupid life goal.

Quote: (01-10-2019 11:50 AM)roberto Wrote:  

I'm sure credit card companies must be wise to this.

Quote: (01-12-2019 06:36 AM)Scott Wrote:  

Any decent Credit Risk team will prevent lending to people who are clearly over retirement age.

Quote: (01-13-2019 08:15 AM)Handsome Creepy Eel Wrote:  

WTF? How can it not be considered the bank's legitimate interest to get information about its customers' repayment ability? Not even under the strictest and craziest interpretation of GDPR would something like that fly in Europe. It would be laughed out of the room. Absurd.

Quote: (01-12-2019 11:06 AM)Repo Wrote:  

Actually no, because you legally arent allowed to.

Date of birth cannot be used for underwriting in the US. It is only collected to ensure that banks lend equally to demographics, and for identity verification.

Wow. The amount if people here saying "it can't/won't be possible because it logically shouldn't be" is quite staggering for a forum full of supposed red pillers. Suggest some of you guys read a little more and take more redpills.

You guys need to be thanking Repo for the education here.

Quote: (01-12-2019 07:29 AM)VincentVinturi Wrote:  

A bank is a business that provides you with money you don't have with the expectation of getting it back, plus interest.

So what, the bank has to now eat $50k from their bottom line?
..........If it's not your money, it's somebody else's.

I'm not here to push the anti-morality angle but Fort Knox aside you do realize modern banking is literally printing money? Not to mention the accounting tricks that can be pulled to manipulate a bottom line?

Just trying to inform you before you cry another river.

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