Open Question: To pay off large credit card debt: Refinance? HELOC? Bankruptcy?

[Administrator]

Hi, I need help! My parents are in a dire situation. They have accumulated about $130K in (high-interest) credit card debt and their credit score is about 630 (my mom is about 650). My dad is a homeowner and has a mortgage of $185K left. He already refinanced before to pay off his and mom’s credit card bills (I know, it is unfortunate that they racked up cc debt again). My dad, who is the main provider, is thinking of retiring. Now, what is the best thing to do? Refinance again? Home equity loan? Debt consolidation loan (how does this work)? Bankruptcy? The suggestion that we (us children) came up with is that we will help out with their mortgage payments, and that my mom will start working as well. The main thing really is to pay off the credit card debt and have enough money for retirement. I appreciate any advice given. Thanks!Thanks for the quick replies I know, my parents have a lot of credit cards!! They did say that they will only keep 1 credit card should their debt be paid off. The thing is, they've got so much debt because of their gambling addiction. My dad especially! He goes to Atlantic City on his own, even when my mom doesn't want too anymore. I even checked out the "self-exclusion" program that helps those with a gambling problem, but it is voluntary, and my dad doesn't even recognize that he has a problem.Anyway, sorry for the rant. Just thought I'd give a little background on why they have such a large debt. Also my dad really wants to retire due to his health (he's been getting terrible arthritis).

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