Credit card debt

Date: Mon, 04/18/2011 - 18:24

Submitted by anonymous
on Mon, 04/18/2011 - 18:24

Posts: 202330 Credits: [Donate]

Total Replies: 2

I currently have 80K in credit card debt. I am 67yrs old and my husband is 82. We get about 1800 a month in social security and that's all our income. We have about 95k in investments and our home is valued at around 80k. I am not sure what do. I can no longer afford to make the payments every month without selling off our investments. i would prefer to settle with credit card companies for 40k and be done with it but they are not willing to work with me because we are still making payments. I am wondering if they will be able to seize our investment account and home in wisconsin? any help would be greatly appreciated!

Hi! Welcome to the forums! Normally, the credit card companies

Hi!
Welcome to the forums!
Normally, the credit card companies refuse to negotiate a settlement unless you get delinquent on the debt. I agree that the debt amount is quite huge. You can visit a reputable credit counseling agency. The counselor can help you manage your debt. Otherwise, you can get help of the debt relief programs and repay your debt. The credit card company can't seize your home without securing a judgment order from the court.

lrhall41

Submitted by Good Nelly on Mon, 04/18/2011 - 21:18

( Posts: 2846 | Credits: )

Who are your creditors? That often makes a huge difference for

Who are your creditors? That often makes a huge difference for plan of attack...certain creditors like capital one and citibank like to sue.

What type of investments? Are these pensions or 401k plans?

You are not going to be able to settle unless you are behind.

lrhall41

Submitted by SOAPLADY on Tue, 04/19/2011 - 03:14

( Posts: 17315 | Credits: )