Most of my debt is 90k in a HELOC, and $10k in our home equity loan at the same bank, 27k in 3 PLUS loans for my older daughter, $12k for one auto loan and $13k for the other. Real estate tax is $5k/year, condo/community fee about $2600.
We purposely used the line of credit instead of running up credit card debt, but now that we are approaching the limit of the line of credit, we are building up credit card debt. My gross income is $36k and my wife’s p/t job will be about $9K. Our expenses are about $80k, assuming we don’t have to support our 2 daughters, now that they are both in college and taking out their own student loans. (I was making $80k 11 years ago when we moved to NJ, then was downsized).
What can we do before running out of money? Someone recommended Credability, the non-profit debt counselors. Could they help?
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Hi Jim,
Credability may be able to help you with some basic budgeting advice and debt education, but the types of debts and the credit products you have listed are not generally the type nonprofit credit counseling agencies (CRA’s) service in a debt management plan where payments are lowered using the one tool available to CRA’s – interest rate reduction.
I would encourage you to speak with a local bankruptcy attorney and learn in detail what benefits there are for you in filing. If you learn something that gives you pause in filing come back and post a comment reply about what concerns you.