DEAR BRUCE: When I was 18 and stupid, I was convinced that department store credit cards were a good idea. Five years later I'm still trying to pay them off. The problem is that the interest on some of the cards is as high as 22 percent. I am not even close to paying off the principal amounts. Since my credit is now shot, I cannot get a loan through my bank. What are your thoughts on debt consolidation? I have tried to lower the interest rates myself and have been unsuccessful. If not a debt consolidator, then what? -- Reader, via e-mail

DEAR READER: What I think you are talking about are the companies that negotiate with your creditors for lower rates of interest. While that has some merit, given the fact that your credit is already destroyed, you should understand that some of these "nonprofit" organizations that advertise extensively, not only charge you an upfront fee but also a percentage of what you are paying. While it may be that because of their ability to negotiate with your creditors, the overall number that you pay per month is less, I would be very reluctant to pay a continuing fee. The original concept of nonprofits was that the lender would pay the fees and it would not come out of your hide. Some of the new breed that are advertising a great deal do their best to collect from both ends. How they continue to qualify for nonprofit status is something that has perplexed me. I am not implying that they are doing anything improper or illegal, but I would not feel comfortable dealing with them.

DEAR BRUCE: I am a 75-year-old man with a home that's paid for and worth $130,000. I have no one left in this world that I wish to leave the house to when I pass on. I have heard about reverse mortgages, and I could sure use some extra cash, but I need a place to live. What can you suggest? -- T.R., via e-mail

DEAR T.R.: A reverse mortgage is simply a way that you can draw down part of the equity that you have in your home. In your case, it's made to order since you're not at all concerned about leaving anything to anyone. It's very possible that if you contact your favorite charity, they will be very happy to set the entire process up for you through an outside lender. They can do the legwork, you get the money and then when you pass away, whatever residual value there is in the home, the charity will receive. Everyone comes out a winner.