Real Answers for Life’s Money Challenges
Im hoping to retire in four years.
I have $3,000 in credit card debt and $60,000 in auto and RV debt.
I cant find any assistance for co-signers of school loans.
My daughter is estranged from me, so she has no intention of helping me or even finding employment.
Do you have any advice on how to handle?
When you co-signed your daughters student loans, you and your daughter became equally responsible for repaying them.
And since your daughter cant make the payments, the burden falls on you.
Because federal student loans rarely require a co-signer, Im assuming these are private student loans.
I say all that not to scare you.
But its important to approach this situation realistically.
As you probably know, student loans are almost never discharged in bankruptcy.
So your only options are to pay them off or go into default.
7 Ways to Make Money if You Hate People
Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
The latter will destroy your credit and could result in your wages being garnished.
That moneys purpose is to support you during your golden years, not to pay off debt.
And unlike a bank account, a retirement fund is protected from creditors if youre sued or file bankruptcy.
A more radical approach would be to sell your house now and live out of the RV.
Maybe the realistic plan falls somewhere between four years and forever.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny.
Send your questions about student loans to[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
