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Unsure what to do - need help
For years, I made great money and was making excellent progress on paying off my credit card debt, mortgage and student loans. However, about 2 years ago I had a significant reduction in my income. I am over 50 years old and having a horrible time regaining employment, which is normal - it seems. I currently receive unemployment while I continue looking for a new job. I have started a business - and it is growing, but it is nowhere near what I was making during the good times. I still have difficulty just meeting basic needs of utilities, mortgage, gas and food.

Now, I am being sued for one of the many credit card debts I still have, but can't afford to pay off. Forget the fact that I've had some of these cards for 10-20 years and have rarely missed payments before the previous 2 years. There is no way I can afford to pay off these cards - or settle. I cannot afford to take out a home equity loan. Any suggestions?

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Paying off debt

I feel for you.  Since one of your card companies wants their money it would behoove you to contact them and make a payment arrangement.     I was in a similar situation as you, lost my job, became disabled, income cut by 75 percent.  I learned to live without cable tv, drove my car only when necessary and bought a pressure cooker.  That was so I could buy tough pieces of meat and have them come out tender.  A crock pot costs a whole lot less but does the same thing.  I also paid my $50 and joined Sam's club because buying in bulk REALLY is good for the pocketbook.   I also cancelled the newspaper and read it on line.  I watch TV shows online.  Cable was costing me over 150 a month.  I only turn the heat or AC on when absolutely needed.  In summer, setting the thermostat to 77 is fine with a ceiling fan.   My electric bill in Oct. was 72 dollars.   It takes time but you can get used to living on the cheap.  One more thing,  if you got your mortgage a long time ago, see about refinancing it.  The interest rates are really low.  I got my interest rate down from 6.4 percent to 2.75.    It saves me a bundle.  

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Check out Dave Ramsey....

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