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| Sat, 02-14-2009 - 2:56pm |
I have gotten myself into a real mess trying to help my son with a drug addiction and accompanying legal fees.
I have over 75K unsecured debt, have refinanced my home once already and have little equity left. I make $79K per year. My house payment is $1300 per month, but my credit cards and other unsecured debt is almost $2000 per month. I need to find a way out. I have been late on a couple of cards and now all of them have raised my interest rates to almost 30%, and they have raised the minimum payments too.
I am struggling to get everyone paid to keep my credit rating from taking a nosedive. I know it is already affected due to the late pays, but my FICO score is still in the upper 600's or lower 700s.
I am almost 60 and want to retire in 3 years, but at this rate I can't see how I can get all this debt paid off by then. I am thinking of debt settlement. I am considering buying a new car diear since I know my credit will be ruined with debt settlement. At my age, does it really matter what my credit score is? I can't see myself buying another home.
The only way out I can see now is debt settlement or winning the lottery (HA).
What should I do?

At age 60 you are right: you don't have time to pay off the debt.
As Brandee wrote, you won't necessarily lose your house.