Credit Cards

[CWilliams78]

Yes, I did reduce his credit limit.

He had a balance of over $4,000. I believe that he was about $100 from maxing it out. 

I paid it all off, and had his CL reduced to $2,000. 

I have him a stern warning that he would get no more bail outs, and he needs to learn how to solve his own finance problems. 

(In all honesty, If he were to max it out again, and miss payments, It would affect me negatively, because I co-signed it. So, I would have to bail him out.. again.)

I'm going to go to the bank tomorrow, and see what rates I can get on a HELOC. I could take out a $50,000 HELOC, and pay off the rest from cash.. 

I haven't even broken the news to my wife yet.. 
Haha! 

[aussiesareforever]

I'm going to go to the bank tomorrow, and see what rates I can get on a HELOC. I could take out a $50,000 HELOC, and pay off the rest from cash.. 

I haven't even broken the news to my wife yet.. 
Haha! 

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I presume she went with you on vacation (based on the cost of the plane tickets)...she probably slightly suspects already

[ComputerWizMaster]

This can't be a serious thread can it? I mean why would you rack up so much "dirty debt" in such a short period of time without the means to pay the balance in full on the due date?

You've out yourself in a situation where you're now having so search for any loan with better terms, but you're still going to be paying more in interest than your investments will be earning.

This can't be serious...

[CWilliams78]

She knows about the debt, but she doesn't know that I don't have the almost $60,000 to pay it all off! I could just make even $2,000 payments on each card this month, which would be about $10,000, so I would have to take a little bit out of savings to cover other expenses this month. I just don't know how I was so stupid. Vacation was so much fun! But now reality is setting back in! 

[arlibguy]

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My income is about $9500/month, including rental, my wife's employment income, and my pension income. 

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Is that a typo, $9500 a month? If not, I don't mean to be rude, but what exactly are your living expenses from month to month? Are just you and your wife living off that income? If so I would seriously figure out how to cut expenses. At first glance, seems like you should be able to pay more than $2000 a month given your income.

[beb86]

(Puts popcorn in microwave)

[Link2k]

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ComputerWizMaster wrote:

This can't be a serious thread can it? I mean why would you rack up so much "dirty debt" in such a short period of time without the means to pay the balance in full on the due date?

You've out yourself in a situation where you're now having so search for any loan with better terms, but you're still going to be paying more in interest than your investments will be earning.

This can't be serious...

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Thats what I was thinking. WHether or not its real it really has no point. If the OP doesn't know the answer to the questions they are asking they probably should have avoided retirement as they don't understand finances.

[FrugalRican]

Last night when I read this thread, I almost had a heart attack.

Sat down with my coffee this morning, read it again, and I feel the pain again.

I know the old job is boring, but I'll take boring over credit card debt any day.

And for a trip like that, I hope it was something out of The Hangover.

[bribro]

Enough with the credit/financial implications. What did you spend $60k on!?

[Chris123nTx]

Wow. I am 52 and retired in 2005. It seems to me that you spent your rental house for your various.credit card.adventures. short of selling that and using those funds, you will have to scale way back your life, and what you may be used to. It is amazing how little 9500 a month can seem if it all goes to servicing debt. Like i said, in my opinion, and that is just for what it is worth, you need to sell the rental house, pay off all of the debt with the proceeds.and.scale back your lifestlye to take into account the reduced monthly income from the rents. As an aside, how does.one spend.5 grand on airfare.to.aruba? I could fly there 7 or 8 times i think for that kind of money. Of course i live on the cheap so i can be retired.