Credit card debt
Hi Terry,
I am 59 years old and I have $30,000in credit card debt.
I own a house valued at $400,000 that is paid off.
My yearly income is $80,000
*Should I take out a home equity loan to pay off my debts?
Thank you!
Terry Says
You were smart enough to own your home free and clear. So I’m confident you can tackle this mountain of debt. And I’ll give you the secret formula to paying it down in less than 3 years!
Take the current minimum monthly payment on your card and write it down. Do the same for each card.
Now DOUBLE that amount for each card and write it down. Pay that same amount on each card EVERY month (not double the new minimum, but that original doubled amount).
Don’t charge another penny on those accounts!
Your balance will be paid off in less than 3 years!
YES,you can do this. You’re only 59. Get a. Part-time second job for enough money to make these payments. It’s only for a few years.
DO NOT TAKE A HOME EQUITY LOAN!! That’s just digging yourself a deeper hole!
