$60,000 in Amex debt

by Laura

Hello, my 21 yr old son was recently laid off from a company who supplied him with a credit card, which he directly pays to Amex..they did not ask for the card after he was let go, and used it a few months later, now it totals $60,000, meantime, he has lost another job..he cannot possibly pay this off..
In the state of Mo. where I am from, he could not get a credit card limit for over $1000. How/why can this card be given to a 21 yr old, with no credit history, and now, no credit at all. He said he called Amex directly to see about a payment plan, he can only afford $300 a month, they said he would have to come up with $40,000 and then he could make payments. He is also has a slight learning disability, so I really need to help with resources. He wants to file bankruptcy, some lawyer told him he has committed fraud with the card?? I would think that the card should have been turned off, after he was let go..anyway, any suggestions.


Comments for $60,000 in Amex debt

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Oct 16, 2011
$60,000 in Amex debt
by: Debtcollectionanswers.com

So sorry to hear about your son's financial problems. I am sure that his situation is creating a lot of stress in your life.

I cannot answer your questions about the AMEX card because I do not have enough information to do so and because I am not an attorney. However, I definitely think your son should consult with a consumer bankruptcy attorney to discuss whether filing for bankruptcy is his best option for resolving his financial problems. Given your son's age and the mistakes he has already made managing his finances, I recommend that you go with him to the meeting with the bankruptcy attorney. Go here for a free consultation with a bankruptcy attorney.

Best of luck.

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