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Posted: Thu Feb 22, 2007 12:30 pm

I have a failed business which I am left with alot of credit card bills in my name and I cannot afford to pay them off ... I have sold my house and don't want to touch my retirement savings (as I have used up a LARGE amount of it toward the business and I am 62 years old)any help?

Posted: Thu Feb 22, 2007 12:42 pm

I think you should keep the retirement saving aside from your debts, at least for the moment.

Try a debt management plan and have a lower quote. The plan will be set according to your affordability and at lower interest rates. It looks like you are already behind in your payments. Speak with a debt consultant for a reduction plan. He will call your creditors and negotiate on your repayments. It is necessary that you have some source of income for paying the debts and keep the retirement saving away from this plan.

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