I am 61 years old, and have been in the restuarant business for the past 27 years. Always middle management and therefore no retirement, no 401’s etc. We have 3 daughters and have paid for most of their college education and 3 weddings, at this point in our lives I am concerned about our debt. We have one car. Approx. $37,000 in cc debt. We are going to sell our house next summer but will only clear approx. $4 to 5000. Our combined income is approx. $95,000. Our bills are paid on time but we have no savings and little extra disposable income. Prior to making the money we make now, we were making less than $40,000. We are getting hammered with the finance charges. minimum payments only.
I am at a loss as to what to do. I am the general mgr. of a pharmacy and gift store. My wife is the buyer. The owner’s intent is to sell the store in 3 to 5 years. At 61 and 3 or 4 years down the road, the prospects for our future look grim. Should I consider debt relief or what? Thanks for your time and advice. If you need to ask any questions please do as I was trying to cover info. that might you.
This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.