Latest Posts
Home > Reader Questions > Lots of Credit Card Debt And A Large Family To Feed. – Lynn

Lots of Credit Card Debt And A Large Family To Feed. – Lynn

Over the past five years, we have adopted two children through international adoption. We now have five kids total, all under the age of 18. Around the same time we were going through the process of bringing our kids home, we had some major unexpected home repairs.

I am embarrassed to admit this, but we financed almost all of the above on credit cards and are now $69,000 in debt with them. We also have the usual car payments, mortgage, etc. About 3 years ago, I realized we were really underwater and I started us on a cash only budget.

We no longer use credit cards and in that time managed to pay off $21,000 of the debt. We both work full time and have secure jobs, but have had salary freezes and summer work cuts. We were surviving up until these cuts hit. Now my husband needs a surgery and will be recuperating for several months. He plans to try to work through it.

I have taken a second job to help with expenses, but they continue to rise faster than I can bring in money.

We are struggling to keep food on the table and buy even the basics for the kids. I feel like an idiot and a failure to my family for being unable to provide for them the way I should.

I don’t want to renig on the cards (I do owe the money), and bankruptcy would be horrible. Around here, anyone who files gets their names in the paper–it could hurt us at our jobs. I just don’t know what to do anymore.

My oldest child would like to go to college in two years and I’m afraid my mistakes will prevent him from getting financing. We have no savings except for $100 left in the bank. If something breaks I will be forced to use a card again. Our kids are older, and I’m afraid the harassing calls we could get from creditors will be disturbing to them. I especially worry about the newly adopted ones–they may feel responsible. Thanks for any advice you can give.

Lynn

It’s time to put debt behind you and start dreaming about your life after debt. – Click to Tweet

The Answer

This reader question was submitted for site members to answer.

This is your chance to be a hero and help out this person by providing your feedback and answer to the question. Post your response in the comments section below.

If you have a credit or debt question you’d like to ask just use the online form.

Lots of Credit Card Debt And A Large Family To Feed.   Lynn
Get Out of Debt Guy – Twitter, G+, Facebook

Lots of Credit Card Debt And A Large Family To Feed. - Lynn by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Damon Day

    Hello Lynn,

    Just based on the information you are sharing, I am heavily leaning toward filing a Bankruptcy. One thing I would like clarification on though is that you said it could cost you your jobs. Do you know for sure if you file for a BK you will lose your job? This typically is not the case.

    Here is what we have to look at. Not wanting to file Bankruptcy is a very admirable thing, but you need to make decisions based on what is best for your family. Working two jobs and having your husband recovering from surgery while trying to work, barely keeping food on the table and all the while only having 100 in the bank, is not good or healthy at all for your family.

    I am not saying that filing bankruptcy is your only answer because I don’t know enough about your situation, however, from what I do know, it is certainly not an option that you should rule out without a thorough investigation.

    Ask yourself this. What would life be like for you and your family if you had no credit cards and were no longer struggling to put food on the table and keep a roof over your families head? What if instead of losing sleep at night because you only had 100 in the bank, you could put 1,000 dollars in the bank every month. Month after month you could watch your savings grow by 1,000. These are some of the positive things a BK may be able to do.

    I understand not wanting your name in the paper because of a bankruptcy, but continuing on the path you are on is not an option. If your husband is unable to work after surgery for awhile, then it is inevitable you will fall behind on your bills. If you fall behind far enough you could be sued. If you are sued than that lawsuit will also be public information.

    From what you have shared, provided you will not lose your job, bankruptcy is absolutely something that you should explore at a minimum right now to understand exactly how you would be affected.

    If after you explore BK, if you determine it is absolutely not an option, then perhaps a debt settlement can be explored, but whatever you do, don’t ask a debt settlement sales person about it, until after you have a full understanding of exactly what it is. It is not as easy as they typically make it out to be.

    So first meet with a BK attorney and then let me know your thoughts after the meeting and we can explore the next steps to move forward with in resolving your situation.

    http://getoutofdebt.org/Damon-Day

  • http://DamonDay.com Damon Day

    Hello Lynn,Just based on the information you are sharing, I am heavily leaning toward filing a Bankruptcy. One thing I would like clarification on though is that you said it could cost you your jobs. Do you know for sure if you file for a BK you will lose your job? This typically is not the case. Here is what we have to look at. Not wanting to file Bankruptcy is a very admirable thing, but you need to make decisions based on what is best for your family. Working two jobs and having your husband recovering from surgery while trying to work, barely keeping food on the table and all the while only having 100 in the bank, is not good or healthy at all for your family.I am not saying that filing bankruptcy is your only answer because I don’t know enough about your situation, however, from what I do know, it is certainly not an option that you should rule out without a thorough investigation. Ask yourself this. What would life be like for you and your family if you had no credit cards and were no longer struggling to put food on the table and keep a roof over your families head? What if instead of losing sleep at night because you only had 100 in the bank, you could put 1,000 dollars in the bank every month. Month after month you could watch your savings grow by 1,000. These are some of the positive things a BK may be able to do. I understand not wanting your name in the paper because of a bankruptcy, but continuing on the path you are on is not an option. If your husband is unable to work after surgery for awhile, then it is inevitable you will fall behind on your bills. If you fall behind far enough you could be sued. If you are sued than that lawsuit will also be public information. From what you have shared, provided you will not lose your job, bankruptcy is absolutely something that you should explore at a minimum right now to understand exactly how you would be affected. If after you explore BK, if you determine it is absolutely not an option, then perhaps a debt settlement can be explored, but whatever you do, don’t ask a debt settlement sales person about it, until after you have a full understanding of exactly what it is. It is not as easy as they typically make it out to be.So first meet with a BK attorney and then let me know your thoughts after the meeting and we can explore the next steps to move forward with in resolving your situation.http://getoutofdebt.org/Damon-Day

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.