88 Year Old with Credit Card Debt
I have started to take care of my grandmother, age 88, and discovered she has $26,000 in credit card debt across 4 different cards, which she has been living off for the last 10+ years. She does pay the minimum balance due every month. But now the interest payments are more than 50% of her income, which is only her social security. Her monthly SS is $1100. She has no savings. She does not own a house. No car. She owns no assets of any kind. She currently rents a small apartment by herself. She is dependent on the family for financial support to cover all living costs outside of her SS income.
Curious at this stage, if it's better for her not to pay them at all?
Or send a judgment letter to the bank/creditors to notify for her financial situation.
Or apply for a debt collection loan to consolidate the cards into one lower APR debt loan.
Or file for bankruptcy?
Trying to see what is the least stressful and best financial option for her in this late stage of life.