credit cards

[wheelers]

I have been out of work for 17 months & can't seem to find a job.I will soon be 63 yrs old & so far have managed to pay on credit cards but i am going to have to stop payments as my unemployment has ran out.I have talked with creditors & all they say is i will have to pay full amount each month which is about $500 dollars.My wife & i own our house so what i would like to know can they take our house for not making payments.The credit cards are in my name only.I know we ran up cards to much but at the time i wasn't having any trouble paying any bills & wasn't expecting the company i was working for to close it's doors.I was planing on working a good while but me like alot others were out of a job.Thanks for any advice

[ray2047]

At 63 you are eligible or slightly reduced Social Security. Have you considered applying?

I can't say for Georgia but in Texas under the homestead laws they can't seize a house you own (no mortgage) that is your principal residence.

[chandler]

As Ray said, SS is within your grasp. I think the monthly reduction amounts to a couple of hundred dollars versus age 66. IF you should gain employment, you can still work and draw SS payments. They will take any overage offset and apply it to your 66 year benefits. At 66 you can work as much as you want with no reduction. You won't lose any benefits by working, but the reduction in benefits for a short term will be delayed.

[Shadeladie]

what i would like to know can they take our house for not making payments.

I think credit cards are unsecured loans, meaning you haven't given them any collateral in exchange for the loan, so no, they can't take your home.
You will get a bad credit rating and debt collectors calling you all the time tho.

[mitch17]

It's a hit on your credit rating just like a bankruptcy but the consolidation services out there might be able to help you figure something out.