In debt at 60yrs old
Looking for advice, not criticizing. 60 yr old local box truck delivery driver owner operator. Credit rating just over 700.
3 paid off vehicles between 10 and 20 yrs old including box truck.
80k in unsecured CC debt including 1 personal loan that has less than a year left.
Townhouse owes 100k with 200k equity. Equity is my only retirement fund. Only secured debt we have.
3 options to consider
#1. Total refinance would leave me with appx 75k equity but manageable payments until I can't work anymore, then ? Social Security won't cover payments.
#2. Bankruptcy everything but townhouse. Cost is $2000 down and $5500 over 3 years.
#3. Stop paying all unsecured cards and deal with the creditor calls.
Situation is that I probably have less than 10 years working life left and one health issue could mean no income. All cards are near limits, but I don't see any need for future credit. Tempted to bank all possible income instead of paying CCs until that time, then sell the townhouse in South Florida and move to Eastern Tennessee or somewhere cheap to live out my days.
Wife has $45k unsecured debt at 72 yrs old, planning to do a consolidation loan and pay off until deceased, keeping credit decent just in case.
Currently paying monthly
$2700 mine $1200 hers (before consolidating) $2600 mortgage, insurances, utilities
$6500 total not including food and gas + truck diesel
Current income could change at any time, especially as this economy and inflation gets worse. Already under water or maybe break even each month depending on jobs.