Ask Terry Questions Consolidation for a senior on SS

Consolidation for a senior on SS

By Terry Savage on January 26, 2020 | Credit/Debt

Hi I’m living in a small Social Security check I’m going to try to get a part-time job I have about 10,000 in credit debt that I would like to pay off this year seeing you on channel 9 talking about consolidating I live in Indiana what is a good company to go to for consolidating

Terry Says

Don’t go the consolidation route. You need to have money to make consolidation work — and they ask you to stop paying your credit card bills and set aside the money so they can negotiate a payoff. That won’t work in your case, and it will just ruin your credit.
Yes, do get a part-time job NOW. Put every penny toward paying down that debt. The sooner the better. Today employers are looking for smart, experienced workers since unemployment is so low. It won’t always bee that way. If you could earn enough to pay $500 more a month extra, or even $400 a month, it will make a huge difference. Set that as your goal — to net at least $100/week — and put it toward your credit card balance. You can do it!! Let me know when you get it all paid off.



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