Ask The Get Out of Debt Experts Retirement Related

My Store Lost Money and Left Me With Debt. I’m Retiring. – Dave

Written by Steve Rhode

“Dear Steve,

Lost 1165.00 income from sale of store and I was the bank…total 54,000.00 I am retired and have 1500.00 SS and 500.00 company retirement. Problem is I ran up credit card dept trying to keep the store going and have paid off all bank loans except I have around 30,000.00 credit card debt.

I am not late and pay more then minimum on 4-5 cards. credit score is 790

How do I consolidate 30,000.00 of unsecured loans into one monthly payment….I am 66 yrs old
(90% was store buying products) My wife works and I want to be debt free in 4 years. Can you
or anyone in your organization advise me ….Thank you

Dave”

tunnel

Dear Dave,

Unless you have a secondary source of income then you might be struggling with trying to make the payments, no matter how great your credit is.

It is not clear at all if you have enough income to afford an unsecured debt consolidation loan to payback a loan. In that case the more logical solution would be to consider a chapter 7 bankruptcy to clean out the debt and better prepare you for retirement.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth, How Do I Get Out of Debt Quickly? Change Your Mindset, and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.

Please post your responses and follow-up messages to me on this in the comments section below.

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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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