Bankruptcy Related

How Can I Reduce My Credit Card Interest Rate Before I Die?

Written by Steve Rhode

Question:

Dear Steve,

I have 25,000 in credit cards –I’m 85 years old–retired —my wife is still working she is 78—this is how I’m able to pay —she will not be working much longer–she does not know about the credit cards—I had no Int on all my credit cards for 12mos.

In Feb of 2020 this year I will start to pay Ins—I have not missed any payments—my credit score is above 700 I have been paying about $700 a mo (5 credit cards)—At my age- give or take 3/5 years more– I know I will never be able to pay off credit cards at that Int rate 18%.

Any advice? The Int I will be paying is about 18% on all the cards—Is there any way I could lower my Int % under 18% ? If I’m around in 5years

Tony

Answer:

Dear Tony,

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I’m assuming you have little in the way of assets and the debt is a financial burden.

I’m also assuming your situation is like so many others I’ve helped over the years. Folks in similar situations are just making it month-by-month, they don’t have much in the way of retirement, and life is a struggle.

If that sounds like your situation then you should find a good local bankruptcy attorney and have a free discussion about what bankruptcy would mean for you. Bankruptcy is the fastest way to get a fresh start for the least amount of money.

Nobody is going to fault you for legally eliminating that debt so you can make it through the last years of your life.

Alternatively, HELPS is a nonprofit law firm that can take a look at your situation and maybe get you on a plan that can run interference with your creditors once you stop paying on the debt.

Personally, I’m a fan of the bankruptcy approach since it closes the door tight on the old debt.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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