I am 51 years old. My husband died 3 years ago. I was layed off from my job in Oct. 2008. I have over 40,000.00 in credit card debt and 50,000.00 on a home equity loan. The interest rates are killing me. I may have to file bancruptcy.
How can I lower my interest rates so I can avoid bancruptcy and continue paying off my debts?
The best chance of getting the interest rates reduced would be to enroll in a debt management program, but only if you can afford the amount of your monthly payment.
I’m worried that if you are still unemployed that enrolling in any repayment option may be draining you of money you can’t replace. In that case bankruptcy might be a much better option for you. I would suggest that you go an meet with a local bankruptcy attorney and have a free bankruptcy consultation to discuss if bankruptcy is right for you, before you consider a debt management program or credit counseling solution.