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  #1  
Old 04-21-2016, 10:21 AM
jeanw jeanw is offline
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Default Older couple Lot's of Debt

Need some advise on which direction to take, We are an older couple(60's) who own a home in the Atlantic provinces for 39 years. The mortgage is through a financial institution with a very high interest rate. We have forty thousand dollars credit card debt. Due to lack of work with no income coming in, my husband has been working out west for the last 2 years, while I stay home in the maritimes looking after our home and working seasonally. My husband has to pay rent and living costs out west. It has been very hard. We do not want to loose our home where we have raised our kids, it's the main reason why we are apart...hold on to our home. We have defaulted on 2 of our credit cards. There isn't any money left after paying our monthly bills...living to pay debt. We are at a point in our lives where this has to stop. We need to be together but don't know how to get out of this mess. Bankruptcy?, consolidation?, which direction, any advice would help
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Old 04-26-2016, 01:30 PM
Here2help Here2help is offline
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Default Re: Older couple Lot's of Debt

Jeanw I can only image how tough it must be for you two to be apart.

Since I don't have all of the details I'll keep this general without knowing what you all spend to see areas that you can cut to get you to paying all of your bills.

Most people are in one of two side when their in debt. Either make enough, but spend more than they make or don't make enough to pay what they have. You need to make sure that you have a reserve of $1000 first and cut out everything except for the 4 basic needs (food, shelter, clothing, transportation [so you can pay bills]). I'm talking just basics. Nothing fancy for these. If you can't cover these 4 needs with your current income, you may have to look at other ways to get there.

This is where the hard choices have to be made. Like selling cars with debt, selling everything off that is not bolted down to pay down debts. It may even come down to selling your house so that you have that piece of mind.

If you'd like to discuss more off the forum, PM me. I've helped others in similar situations get out from debt.
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Old 07-26-2016, 08:05 PM
Pawnbroker Pawnbroker is offline
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Default Re: Older couple Lot's of Debt

I suggest going to a debt counsellor or talking to a bankruptcy attorney.
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Old 08-01-2016, 07:25 AM
cashinasnap cashinasnap is offline
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Default Re: Older couple Lot's of Debt

Well the situation seems very tensed & complicated at this point of time. But you can always apply for payday loans or personal loans to meet up challenges in life.
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Old 08-19-2016, 07:44 PM
mustafanalcal mustafanalcal is offline
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Default Re: Older couple Lot's of Debt

Quote:
Originally Posted by jeanw View Post
Need some advise on which direction to take, We are an older couple(60's) who own a home in the Atlantic provinces for 39 years. The mortgage is through a financial institution with a very high interest rate. We have forty thousand dollars credit card debt. Due to lack of work with no income coming in, my husband has been working out west for the last 2 years, while I stay home in the maritimes looking after our home and working seasonally. My husband has to pay rent and living costs out west. It has been very hard. We do not want to loose our home where we have raised our kids, it's the main reason why we are apart...hold on to our home. We have defaulted on 2 of our credit cards. There isn't any money left after paying our monthly bills...living to pay debt. We are at a point in our lives where this has to stop. We need to be together but don't know how to get out of this mess. Bankruptcy?, consolidation?, which direction, any advice would help
Have you tried to talk to the lenders?
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