I’m 51 and I’ve created debt in the past 4 years. I’ve never had debts before but I decided that I needed to invest in starting a business and in higher education rather than playing it safe all the time as I did previously. I have about $60,000 worth of debt, now which includes student loans and credit cards. I’ve been laid off of work and am living on unemployment and have a daughter in college. My daughter is getting mostly grants to pay for her schooling and I pay about $11, 000 per year for a $46,000/year private school.
I’m hoping that the business that I’m creating will take off in a few years. I live with my boyfriend who doesn’t support me but I don’t pay rent or utilities. The highest paying job that I could get for the next school year would be around $60,000/year. If I do that my daughter will no longer qualify for grants for college.
I don’t know what to do about my debts. I don’t know about debt consolidation or what debt companies to trust. My school loans are on hold while I’m on unemployment. I’ve been able to keep up with paying my credit cards.
My question is: What is your advice in paying off my debts in the quickest and easiest ways possible??
Thank you for your service. I pray that my debts be forgiven as I forgive those indebted to me daily. I’m also praying for miracles and at the same time I understand that God is also practical. Thank God s/he has a sense of humor too!! -Lisa
How much of your debt is for student loans and are they private or government backed loans?
So are you anticipating working by a certain date? When?
Without a reasonable expectation that you will be able to return to work before your unemployment runs out you will need to rethink the strategy of paying debt from your unemployment. Instead you’ll need to save what you can from those funds to help you once the benefits run out.
Click here to find a local bankruptcy attorney and go discuss your situation with them. Let me know what you think about that option after you meet with them.
God does have a sense of humor and quite often God teaches you the best lessons in life by kicking your ass.