Paying BillsBudget & Finance
To Top

Paying Off a High Interest Debt on a Fixed Income

I am a senior citizen paying over $1000.00 in interest fees on a $180,00.00 line of credit. The interest exceeds my income. What can I do?

By Filomena from Canada

Ad
We are giving away $200 in Amazon gift cards for people who answer questions on ThriftyFun this month! Click here to find out more...

Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!

August 12, 20100 found this helpful

I would stay away from the hucksters that advertise on the radio and television. They promise to help but I am afraid they may take what money you have and be of no help.

You could try to negotiate with the credit card company your self. Here in the US there is a service called Consumer Credit Counseling Services that is non profit and offers credit counseling. Also here in the US I would call our state attorney general and ask for help.maybe you have somethig like that in Canada. You may have to declare bankruptcy. Sorry I could not be of more help.

Reply Was this helpful? Yes
Ad
Anonymous
August 13, 20100 found this helpful

I don't know about your laws in Canada but there must be some type of State/Province free legal assistance for you? In my situation I became disabled 16 months ago and called a State legal assistance agency for debt help and was able to get relief because of their advice. I hope this is helpful for you. As already mentioned you may need to file for bankruptcy.

Reply Was this helpful? Yes
August 14, 20100 found this helpful

One thing here in the states: debt is bought by collection companies for pennies on the debt. Example: Owed $10,000, they buy it for $2000. Their goal is to get as much of the money for their company, using many means. They will not give to the place you owe any more than what they initially paid. So if you think you are still paying on a hospital bill, forget it. Your name is still mud on the hospital listings.

They use all forms of what I would call deceitful conversation, mental torture, etc. In MN, there are lawyers now SUING these companies for the harassment they are doing. I presume eventually more laws will be in place to protect the consumer.

So if you can, get the free help from the state in sorting out our matters. File for bankruptcy, or what ever.

Did you get this debt yourself or from fixing other's issues? You don't say. It is right to pay the bills you have made, but it is not right not to have help in deciding how to make a plan workable and still be able to live.

Reply Was this helpful? Yes
Ad
August 16, 20100 found this helpful

I would begin by contacting the company you owe and asking them to reduce your interest rate to something you can afford. If the first person you speak to can not help you, ask for the supervisor. Tell them what your income is and explain that if they do not work with you, you will have to file bankruptcy and they won't get paid at all. If they won't work with you, then you'll need to get legal help.

Reply Was this helpful? Yes

Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!

Related Content
Categories
Budget & Finance Paying BillsAugust 12, 2010
Guides
Picture of a student loan application
Paying Off Debt from College
Getting Out of Debt, Picture of a woman cutting a credit card.
Getting Out of Debt
Debt Consolidation Tips
Debt Consolidation Tips
Man cutting up credit cards
Staying Out of Debt
More
📓
Back to School Ideas!
😎
Summer Ideas!
Facebook
Pinterest
YouTube
Contests!
Newsletters
Ask a Question
Share a Post
Categories
Desktop Page | View Mobile

Disclaimer | Privacy Policy | Contact Us

© 1997-2017 by Cumuli, Inc. All Rights Reserved.

Published by .

Generated 2017/08/10 09:21:56 in 1 secs. ⛅️️ ⚡️
Loading Something Awesome!