My father who is in his early 80\'s has $50,000 in credit card debt.

He obtained this debt while working as an expedited trucking business and the the economy dumped and now he is working two part time jobs trying to make ends meet and make the minimun payments on these cards. Can a consumer credit consuling company help him reduce his debt by lowering interest rate, or would he be better off to try to negotiate a settlement. He has somehow stayed current but he won\'t be able to keep this up forever.

2 Answers

I agree. I believe bankruptcy is a good option for your father. I once had clients who were in their 80's, as well, and they refused to file bankruptcy, which is why we went with settlement. But, they had funds from their children to settle their accounts, and for whatever reason, they were extremely opposed to bankruptcy.

Marie Megge

http://www.debtconsolidationcare.com/companies/donaldson-williams-inc/

At his age, I think talking to a bankruptcy attorney would be a better move.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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