2007-02-23 01:05:04 · 6 answers · asked by bear 1 in Business & Finance ➔ Personal Finance
If you own a home, you can do a reverse mortgage. You do not have to pay back the reverse mortgage and you can use the money as you wish. It reduces your inheritance, but the credit card debt will do that even more so.
Otherwise, the best thing you can do is to get part time jobs and pay off as much as you can each month and in fairly short order you will get out of debt. You can get greeting jobs at Walmart or grocery bagging jobs.
Take care,
Troy
2007-02-23 01:10:21 · answer #1 · answered by tiuliucci 6 · 1⤊ 1⤋
You may not have alot of available cash to pay the debt off at once. But if you haven't stopped using the card, you probably should. There are firms that specialize in helping to get rid of debt. Maybe look in the yellow pages for credit counselors. It may just take time. I know because I'm dealing with credit card debt too right now. Good luck to you.
2007-02-23 01:10:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you own and have substantial equity in your home you should consider a reverse mortgage. Although you most likely would not lose your home by filing bankruptcy, a reverse mortgage could release funds for other things like living expenses, home improvements, paying off auto loan or other debt.
You would continue to own the home and would be able to live in it without any further monthly mortgage payments. A surviving spouse would still own the home and any remaining equity after the death of both spouses would go to surviving children.
2007-02-23 02:09:15 · answer #3 · answered by Latigo 3 · 0⤊ 0⤋
You could work out a plan with your financier to pay it off. I think if you go through OPD (orderly payment of debts) they will suspend the interest on your cards if you cut them up. It is the interest that mounts up and causes all the problems. If you are only making the minimum payment, all you are doing is buying down the interest and very little is applied to the principle.
2007-02-23 01:20:26 · answer #4 · answered by The Y!ABut 6 · 0⤊ 0⤋
You could try this site for helpful information about obtaining a personal loan to pay off debt. That's what it sounds like you need to do. Try not to resort to filing bankruptcy! Best wishes!
http://loan.divinfo.com/
2007-02-23 01:48:29 · answer #5 · answered by Reenie 3 · 0⤊ 0⤋
u must sell ur organz
2007-02-23 01:07:10 · answer #6 · answered by georgespindrill 2 · 0⤊ 3⤋