I am a 74 year old woman still working, no dings on my credit. I owe $30,000. Would it benefit me to do a debt consolidation?

The money is all credit card debt due to a daughter that needed my help I am not late on any payments and my FICO score is 709. I still work part time and I do not own a home Help.

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Answered by MoneyTips Writing Staff, Financial Adviser in Los Angeles, CA
It would be helpful for our professionals to know why you are considering a debt consolidation. Is it to reduce high interest rates or some other reason?

In the meantime, you can read our guide to Debt Consolidation to learn more about whether it is a good idea in your particular circumstance.

Debt Consolidation 101 | 03.16.15 @ 18:49
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$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:24
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Answered by Stan
Depends on your income source. If you have the cash pay it off. If you can't afford the payments stop paying. The worst they can do is come after you. At 74 your social security can't be garnished for credit card debt. You should be retiring debt free. | 06.02.16 @ 20:40
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$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:24
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Anonymously,

MoneyTips has referred you to a very good article about this.

As I understand your question; Your a great mother who incurred 30K in credit card debt by helping her daughter, You are current with your payments and you need help paying it all off. Does that sound about right? How is your daughter doing now? Maybe she is in a position to help you out?

Well your only 74 and it sounds like you just want to enjoy your lifestyle. we can certainly help you with that..
First. lets set up a plan to transfer as much of that 30k as we can into the credit firm with the lowest rate and best terms. we can also dive into the type of work you do. Would you consider more hours or maybe getting paid more for the same hours? What assets do you have to work with? Any IRA, 401K, or other investment accounts or something that you can tap into for income? Lets see if we can get you a higher rate of return. Lot's of possibilities.

As an (investment manager) we want manageable debt. Meaning that we like to pay it with cash flows from our investments rather than out of pocket. Its your pocket and we want it to be as full as possible.

Tell you what, contact us directly and we can discuss your situation in greater detail. No obligation.

Its not what you make; Its what you keep that determines your lifestyle
| 06.02.16 @ 21:48
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$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:24
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