Credit card debt problem on a fixed income
A 72 year old friend of mine has $60,000 in credit card debt and he can’t afford the payments. He is retired and his only source of income is his Social Security check, which isn’t much. He owns his house but that’s his only asset. What can he do?
He can do NOTHING!
CC debt is unsecured, so if he dies, what are they going to foreclose on? Tell him to enjoy his life and not to bother worrying about this debt.
Also, I’m no legal expert, but I have heard that lawsuits and bankruptcies can never garnish SS checks so it probably works the same with debt collections. Even if it’s not against the law, I don’t think a judge will take an old mans’ house or garnish his SS checks if he is willing to pay at least something every month.
If his only source of income is Social Security, he may have to consider selling his house. This way he’ll be able to pay off the debt and hopefully have enough left over to rent an apartment or move into a retirement home.
The only other option I can think of is to contact a debt management company.
Before you take out a mortgage on your house to pay off your credit card debt, it’s worth your time to read a free ebook called
"How To Control Your Creditors". You can find this 35 page ebook at wisdomebooks.com (about half-way down the page). By educating yourself, you can learn how to settle your debt and be debt free in 12 to 18 months.
Hope this helps.
He needs to contact a NFCC certified non-profit debt consolidation counselor. These are not scams! They can work with his creditors to arrange payments he can afford without compromising his home.
Thanks for this
sisme bebek´s last [type] ..Şişme Bebek Türleri
that’s a true
I guess he could do a “reverse mortgage” where you slowly sell your house back to a bank. Its sad to see so much middle class wealth being eaten away.
He needs to contact a NFCC certified non-profit debt consolidation counselor.
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istanbul tourlar´s last [type] ..İstanbul tours
There are a lot of fraud companies online. And so it is very important to go to a recommended company then trying to venture out.This is the one that my friend used and had been a great lifesaver for her.
http://www.creditcarddebt.com
He needs to contact a NFCC certified non-profit debt consolidation counselor.
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It really depends on how much the assets are worth. if the equity in the house is more than is owed then possibly down sizing is an option
IMO, stay away from credit card debt. It’s a trap most consumers cannot get out of
Derrick Yates´s last [type] ..About Credit Card Help
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