This is a total mess. I’m 56, stuck with this huge debt, and don’t know whether to keep working and paying or just walk away from it. I’ve had this debt for 12 years, hoping I’d eventually get back on my feet. Back in the day, I was making good money selling screenplays, but now I just scrape by with small writing gigs. Changing careers this late in life isn’t easy or quick.
For the past seven years, my cards have mostly covered bills I couldn’t pay because $1200 a month goes to credit cards. It’s a never-ending cycle. Morally, I have no issue ditching the debt—I’ve already paid so much in interest that they’ve made their money off me. My credit will take a hit, but honestly, it’s already a nightmare. My daughter would love to see me stress less and actually keep some of what I earn.
I’ve thought about asking a friend for a loan, but that’s risky, and I’d still be stuck paying a huge amount every month. Not really a solution. Any advice?
With your income, you might want to check out Chapter 7 bankruptcy if you don’t have many assets. It takes about three months from filing to discharge, and you won’t have to pay anything back. You’d get a fresh start, and your credit would recover faster than if you kept struggling with this debt for another decade.
People stress about bankruptcy, but honestly, credit score is what matters, and that bounces back in a year or two. Lenders are usually less worried about someone who already filed since they can’t file again for eight years. The downside is it stays on your record for 10 years, but you’d finally have your money to yourself.
At this point, bankruptcy might be your only way out. Hate to say it, but you’ve been drowning in this for too long. I knew a guy in IT 20 years ago—he’s 63 now, lost his job last year, and can’t find work. No retirement, no money, lost his house, and just moved into a tiny apartment. That’s where this is headed if you don’t fix it now.
If you own a house, maybe look into a home equity loan. Lower interest rates, fixed timeline. Could drop your payments by $400-$600 a month. Pay off the cards, then shred them except one for emergencies.
@Jori
Nope! Don’t turn unsecured debt into secured debt! If you lose your house over this, that’s way worse.
Either file for bankruptcy or pick up extra work and knock it out in a couple of years. Can you do handyman jobs? Yard work? Cleaning gutters? Installing light fixtures? Find a side hustle and get aggressive with paying it down.
Chapter 7 bankruptcy costs around $1,500. You’d rather pay that to a lawyer or stress over $47,000 for years? Not trying to be mean, but let’s be real. You’re 56. You should be thinking about retirement, not working yourself to death over debt. Nobody knows what the future holds—what if your health takes a hit and you can’t work? How would you pay then? Even if you stay healthy, do you really want to be grinding forever? File and start fresh. Save for your future instead of throwing money into a black hole.
Your mistake was paying those cards all these years. If you had stopped 10 years ago, it would’ve dropped off your credit by now. Instead of throwing money at it, save up for bankruptcy fees and wipe it out. After discharge, you can rebuild your credit, and you won’t be able to file again for 10 years, so lenders will still work with you.