credit card high interest debt consolidation
76 year old retired man, have $110,000 left to pay on a 2.2% mortgage = to a $1,000 payment each month. Have let credit card debt get away from me and now owe $40,000. I live off interest on some of my investments and social security payments of $2,600 per month but don’t want to leave debt for my family. My wife works full time but not a high paying job. She plans to retire in a few years. What is the best way to pay off the $40,000 debt? Can’t afford a ton of money each month and I know interest rates are high. Thank you.
Terry Says
Well, first of all, if it is YOUR credit card debt and she is not a signer on the account, then the debt will expire at your death! She will not be responsible! This is considered “unsecured debt.”
Second, you’re lucky to have that 2.2% mortgage, so keep paying and don’t even think about borrowing on your home.
Immediately contact the National Foundation for Credit Counseling at 800-388-2227. They can help you decide what to do about the debt, short of bankruptcy. Trust them.
