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Drowing in Debt

I am 60, my husband is 64. He has two modest retirements and is working parttime. I was laid off almost a year ago. My severance ran out is January of this year. We have managed on savings, the balance of a 401K loan I had taken out for my daughter's wedding and credit card advances. We are now out of $. We have no equity in our current home. We have about $125K in debt in addition to our mortgages. Our remaining retirement funds equal about $225K. I can't find a job. We can no longer afford to live in this high $ area. We had planned to liquidate and move to a less expensive area. We don't know where to turn. What should we do?


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You need to find a financial planner. There might be such a service in your township as part of social services.
Posted 2008-09-18T12:57:25Z
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Rated #28 out of 32
 

Brosen is right. You don't want just any old joe schmoe on the internet giving you advice when you're in this situation!  Talk to a professional, and SOON!  You've already made some mistakes, like you have $125k in debt, but you took out a loan on your 401(k) to pay for a wedding?!  Sounds like the "kids" were old enough to pay for their own wedding.  It doesn't have to be lavish and expensive if you don't have the money for it, you know... Get your priorities straight.
Posted 2008-09-18T13:22:32Z
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Rated #2 out of 32
 

Two Words for you: Dave Ramsey

 
Posted 2008-09-18T13:57:35Z
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Rated #3 out of 32
 

Who is dave ramsey?

 
Posted 2008-09-18T14:04:09Z
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I do not think there are easy solutions here. I do agree go to a financial planner someone who can be trusted. Talk among people that you know to see who they use and recommend. Yes you are right about the fact that it is time to change your lifestyle. However selling your home in this dropping market may not be the answer. Most likely now that wall street is also on the move downward cashing out your 401K might not be a good idea either. Until you speak with experts you will not know this so do not move on impulse or fear. Until you get that financial planner and develop an educated plan think outside of the box - where can you realistically cut financial expenditures without making a perminant change? How can you increase your revenue?
Posted 2008-09-18T15:09:44Z
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Rated #5 out of 32
 

Watch the video completely at www.Gettingto.Buildlastingsuccess.com  and then call me.  We have many people in your situation, and not all financial planners do right by their clients.  Investing is wise, invest in something that will double and triple your money.
Posted 2008-09-18T15:30:30Z
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Rated #32 out of 32
 

Watch the video completely at www.Gettingto.Buildlastingsuccess.com  and then call me.  We have many people in your situation, and not all financial planners do right by their clients.  Investing is wise, invest in something that will double and triple your money...also creating RESIDUAL income.  Your money is just sitting there waiting for someone to spend it for you.
Posted 2008-09-18T15:33:58Z
Helpful?(-6)
Rated #30 out of 32
 

Watch the video completely at www.Gettingto.Buildlastingsuccess.com  and then call me.  We have many people in your situation, and not all financial planners do right by their clients.  Investing is wise, invest in something that will double and triple your money...also creating RESIDUAL income.  Your money is just sitting there waiting for someone to spend it for you.
Posted 2008-09-18T15:34:06Z
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Rated #31 out of 32

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