Ask Terry Questions debt consolidation

debt consolidation

By Terry Savage on July 25, 2018 | Credit/Debt

I have gotten over my head in debt I had put my 41 yr old daughter on one of my credit cards and she has abused it (to the limit) Should I try to get a home equity loan or just go to a credit consolidation and let them work out a solution. I am a 70 yr old retired senior citizen living on a pension and social security

Terry Says

DO NOT GO TO A “CREDIT CONSOLIDATION” COMPANY! Instead, contact the National Foundation for Credit Counseling at 800-388-2227. That will connect you to the nearest local office. You can trust them and they will help our credit instead of hurting you.

Let this be a warning to others who allow children or family members to ruin their credit. Get your daughter off that card immediately. You might be a candidate for a reverse mortgage if you own your own home, but the NFCC will help you make that decision –whether it is better to sell your house, use the cash to repay the debts — or simply get a check a month for life (assuming that amount would allow you to maintain the house and pay the taxes). Debt problems are much harder when you’re a senior, which is why you really need to contact people who will help, not hurt, you.



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