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I have close to 100k in debt, no interest above 7.99, work for myself, have unstable income, no savings and often borrow more money to pay monthly bills. My credit is good (680+) Any ideas how to get out of debt? I am 62.

This is a tough. You obviously have a good situation as far as your interest rates are concerned and you have maintained a good credit rating even though you sometimes have to borrow from Peter to pay Paul.

So how do you get out of debt?

I can only think of 3 possible debt solution options none of which are without financial and/or personal sacrifices:

1. The best option- You sound financially savvy so I am sure this no brainer option has occured to you but it must be stated….Can you make personal alterations in your lifestyle to pay down the debt? Do you have assets that can be sold? Do you have a lot of equity in your home? If so have you looked into a reverse mortgage?

2. Debt Settlement – This option is only for you if your income is not so unsteady that you cannot make a reduced fixed monthly payment to the debt settlement account. You should ONLY go down this road if #1 is not an option for you because your credit score will suffer severlely for many years.

3. Bankruptcy – Everything I said about debt settlement applies to bankruptcy too especially the part about your assets. You must have true financial hardship to file bankruptcy successfully so be sure you’ve exhausted all asset sales, money saving lifestyle changes, etc. before considering this. Of course your credit will be damaged for an even longer period of time so I am not sure your situation sounds desperate enough to warrant this option.

So, in short, there are no easy answers with the possible exception of a reverse mortgage. Do your research and decide what the best solution is for you.