Credit card question . . .

Question

My mom has 2 credit cards about $1800 debt on both (estimate) since 2002 and then suddenly her health spiraled out of control and she could no longer work. Now she is on social secruity - her income is very small and she has to stay on a strict budget just to live. She pays only five dollars a month to each credit card but they keep adding interest so her debt grows larger and larger. I wish I could pay it off for her but I cannot. She has called them and explained her circumstances but they do not care. Is there anything she can do?

Answer 1

She may need to declare bankruptcy but that's an absolute last resort. Does she have anything of value like a car or bonds, mutual funds, etc? I'm not sure what her living conditions are either but she may want to rent out a basement or a room for say 6 months or so just to increase her income to get the debt paid off.

Answer 2

Credit card debt consolidation is the best : Consolidation is the best solution available to the credit cardholders to improve their future credit. People go for debt consolidation for many reasons: prolonging the loan period from 5 - 15 years and reducing the interest rate. Consolidation allows you to go for a loan with lower interest rate than the one you are currently paying. Besides it simplifies the loan repayment as you are paying only one lender in place of various payments to different lenders.

http://debt-trap.com/category/Credit-Car...