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Posted by Cmore 2 years ago In:

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Cmore Asked About 'Ask the Dolans: Dolans.com'

Which Way do we go?

Husband and I are 58 and 54. I am fixing to get a settlement on a personal injury accident and was wondering if I should go ahead and pay off all our debt of $62,000 which includes our Mortgage, Credit Card debt and Parent Student loans? Our credit is in the toilet anyway because of late payments because I could not work. Which is the best way to go? We lost all our retirement funds when Wall Street collapsed.

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DB Lady
DB Lady Answered:

I think that you should get rid of your credit card bills first  then the student loans. 

You get rid of the mortgage payments last since you can write off the mortgage interest .

Be honest and be true to yourself.
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Debt Guy
Debt Guy Answered:

I think that this is much too serious a situation to handle without some professional advice.  Most credit counseling agencies offer free consultations...  I think you should start there.

Do you need <a href="http://www.budgetplanners.net/" rel="nofollow">debt consolidation</a> help or advice? Get your <a href="http://www-free-credit-report.com/" rel="nofollow">free credit report</a><a href="http://www-free-credit-report.com/" rel="nofollow"> </a> and credit score now.
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Pete
Pete Answered:

I think you should pay off your mortgage first then see if you can settle the debt with the credit card companies for a lessor amount, since your credit is bad anyways.  The most important thing is to protect your home.

Here are some useful links for information on <a href="http://www.budgetplanners.net/bankruptcy.html" rel="nofollow">bankruptcy</a> , <a href="http://www.budgetplanners.net/" rel="nofollow">debt consolidation</a> and for getting help with <a href="http://www.budgetplanners.net/credit_card/debt_advice.html" rel="nofollow">credit card debt</a> .
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