In a recent AARP article, Terry and Randy Drummond face a large amount a debt post retirement. Their debt includes $31,000 in credit card debt and $9,470 in student loans. Health problems complicated their finances with $93,372 in medical bills.
Many financial planners like Dave Ramsey, author of The Total Money Makeover and How to Have More Than Enough, would advise this couple to cut back on all extravagances and pay off their debt in full. However, there is another plan and it’s not bankruptcy. Debt settlement done by a qualified debt settlement attorney can lower the balances owed on credit card debt, private student loans, and medical debt. If you are a couple in debt, which is close to retirement or in retirement and living on a fixed income, contact a qualified debt settlement attorney and learn more about debt balance reduction outside of bankruptcy.