Debt Consolidation
I saw you on Channel 9 regarding this problem.
My husband signed up with a debt consolidation company since he owed $40,000. That was something I did not know. When we married it was our second marriage. I felt that I shouldn’t interfere with his money. We each paid for certain bills, etc. Now, I regret not checking that part. He has no explanation, except, “I don’t know” when I asked what it was spent on. There’s nothing to show for it! Should he call the 800 number you show? What’s the difference between the companies? They did work with his credit cards and received a lesser amount to pay. Also, since he signed on with them, I don’t know if he can changed companies at this point, or if it’s worth the change?
Also, another thing. He also depleted his retirement fund throughout the last six years. Again, nothing to show for it. So…….I would like to recoup something! What can I invest in at our age, 72 and 73 to help out. I can’t even plan a vacation.
Thanks so much!!
Terry Says
Whew, I wish you had read my co-authored book, The New Love Deal, BEFORE you married for the second time. Your lifetyle and your credit are not entwined with your husband’s mess.
While I’m not sure they can re-do the plan he has made with the credit “repair” company, I do think you should contact the National Foundation for Credit Counseling at 800-388-2227. That will connect you to the nearest local office. You should go in for an appointment — but you must bring with you a complete listing of ALL bills, and assets — Yours AND HIS!!
It’s time to put all your cards on the table — and reveal the extent of your debt situation. And you should each get your own credit report at www.AnnualCreditReport.com. Then share them with each other — because there are sure to be some surprises.
It’s a bit late for a complete reveal. And I’m sure you are already getting your Social Security benefits.
But counseling will help you understand the gravity of your situation, and perhaps adjust your spending plans.
Short of going back to work, there is little you can do to “invest” your way out of this. But if each of you works a few hours a week, you can save some money for that inexpensive vacation. Just don’t put it on a credit card.
