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Tag Archives: social security

I’m 65 and Going on Social Security. Should I Pay Down Some of My Debts Now? – Joanna

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“Dear Andy, I am 65 and have no savings and will be soon on SS only. I am almost debt free except for mortage and car I have saved up $10,000 and want to know if I should use it to reduce my new car loan from $24,000 to $14,000 (4.55%loan) or make a principal only punt on my mortage ... Read More »

My Mother Lost Her Job and is Applying for Social Security But What About Her Debt? – Kevin

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“Dear Lewis, My mother will be 63 this year – she just lost her job and is considering applying for Social Security. The amount she would get will just barely cover living expenses. She is carrying a little under $10000 in credit card debt – half of which as an APR of 31%. I am looking for options for her ... Read More »

I Am Permanently Disabled. Should I Take Money Out of My 401(k) to Pay My Credit Card? – Jeri

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Jeri “Dear Steve, I’m a 51 yr old female on total disability, and will be for the rest of my life. I receive Social Security and Long Term Disability thru the company that I worked for. My question is this. I have a credit card that has a balance of $5900, and the promotion of that card is going to ... Read More »

Mary & Bob Write In Retiring And Financially Concerned

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Mary and Bob both wrote the me through the GetOutOfDebt.org site. If you have a credit or debt question you can write me for help also. “Dear Steve, I’m living on small social security check and I have put all my investments in cash account with brokerage firm. I am moving into an annuity for security and need cash each ... Read More »

Willis Asks “Do I Pay Or Ignore My Credit Card Company?”

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Willis “Dear Steve, I am 81 years old, rent an apt and am retired. Have 7,100 dollars on a credit card. A financial advisor told me to just walk away from it. I have no job, do not own a house, if they sue me what can they get? I am paying $200 a month on the debt. I had ... Read More »

2008 Farm Bill Leads to More Garnish, of Social Security Checks That Is.

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A little-noticed law could soon result in smaller Social Security checks for hundreds of thousands of the elderly and disabled who owe the U.S. money from defaulted loans and other debts more than a decade old. Social Security benefits are off-limits to such creditors as credit-card issuers and banks. But the U.S. can collect debts to federal agencies by “offsetting,” ... Read More »

I’m a Grandmother and Getting My Social Security Check Garnished For Student Loans. – Janis

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“Dear Steve, I’m a 68 yr old grandma of 2 young (10/14 yr old) grandchildren. I went to college to upgrade my employment status in 1998 or 1999, I don’t remember. I finished in 2000 and at that time had a student loan balance of about 3500.00. Could not find a job and had to request forbarence to carry me. ... Read More »

I’m a Divorced Single Mother and Trying to Make it on Social Security. – Robin

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Robin “Dear Steve, Steve; I came through a divorce with $57,000 in debt, but I had decent job and this was not a huge problem but then I became disabled, couldn’t continue working and of course got behind in my payments. My mother know how stressed I was about my financial situation and allowed me to do a balance transfer ... Read More »

Social Security Wants a Refund of Benefits Saying I Earned Too Much. – Cameron

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“Dear Steve, I’m disabled and receive social security disability. I work part-time. Social Security has a limit on the amount SSDI recipients are allowed to earn from work. I got a letter and a bill from them telling me that in four different months over the past two years I earned too much money. In each month the amount was ... Read More »

My Dad Only Gets Social Security And Can’t Pay His Credit Card. – Nancy

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“Dear Steve, I am asking for my dad he is retired and the only income he has is his ss check. He has a credit card that he can’t afford to pay for and is afraid that they will freeze his checking account. Can they do that Nancy” Don’t miss our free Get Out of Debt – “How To” Guide ... Read More »

How Can I Get a Credit Card Company to Accept a Repayment Plan I Can Afford? – Scott

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Scott “Dear Steve, How can I get a credit card company to agree to a repayment plan that we can afford? My stepdad passed away last fall, and as family stepped in to help my aging Mom, we discovered that they had accumulated about $35K of credit card debt. They were supplementing their fixed Social Security incomes by using credit ... Read More »

My Husband Walked Out on Me and Left Me Disabled and in Debt. – Maggie

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“Dear Steve, Divorced, disable on Social Security, 61 yrs. old. My husband walked out on me in 2005 after taking every dime of security I had worked for all my life. I have a refurbished trailor I purchased by mortgaged property I received after my mother’s death in 2003. I had two credit cards at the time of my husbands ... Read More »

73 Year Old Retired Teaching Assistant Drives Credit Cards up to $18,000. – Camille

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Camille “Dear Steve, I have a 73 year old friend who, unbeknownst to her son, has driven two credit cards to their limit, approximately $18,000.00 in all. She is a retired teacher assistant and has little to no money left each month after paying the minimums for each card plus her health insurance. She is unable to purchase medicine, go ... Read More »

Retired With Debt on Social Security. What Should I Do? – Kent

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“Dear Steve, Retired one year ago.Have $37,000 in credit card debt.Payments total $1,200 and my SS is $20,000. I am not behind but struggle to make payments. Several cards have uped my rate to 30.0% only do to my debt to income ratio.Again, not behind but getting nowwhere with cards increasing rates. Considered Banko or walking away. Could you help. ... Read More »

I Quit My Job in October and I Can’t Find a Job But I’m Still Looking. – Sonya

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Sonya “Dear Steve, I quit my job in October and I can’t find a job but I’m still looking, I just had my credit looking decent because of a default student loan. And bought me my first new car and had 4 credit cards I didn’t use until I was unemployed. I know it was stupid but my husband of ... Read More »

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