Latest Posts
Home > Ask The Get Out of Debt Experts > I Overspent On My Kids Because I Was Depressed and Now I Have a Lot of Debt

I Overspent On My Kids Because I Was Depressed and Now I Have a Lot of Debt

“Dear Steve,

I am a single mom with 2 kids. I live with my children and for a very long time I was not working a full time job. I bought everything extra (clothes for the kids, toys) with my credit cards and I was kind of depressed so I know I bought more than I should have.

So $20,000 dollars in debt later here I am. My credit cards all raised the interest so all I pay is interest. I dont know how to get out of this and everytime I look into help it turns out to be some scam (luckily I research them until I get an honest answer from somewhere) but it still doesnt help that I pay about 600 bucks a month in credit cards and I have nothing left after my regular bills (rent, utilities, etc)

Should I file for chapter 7 bankruptcy? I really rather not since its my own fault for racking up this bill that I cant afford, but I dont know where else to turn or what to do.”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

You know, a point many miss is just because they elect to pursue the protection that bankruptcy offers, that does not mean you can’t repay your debts on your terms, later, if you want.

You’ve recognized that the underlying issue here was emotional spending and that the debt is the byproduct of those decisions. The debt really wasn’t the problem.

If you decide to pursue bankruptcy, just remember the lesson you learned from this unfortunate experience and don’t make the same mistake again.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on how to check out a debt relief company.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

I Overspent On My Kids Because I Was Depressed and Now I Have a Lot of Debt
Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

I Overspent On My Kids Because I Was Depressed and Now I Have a Lot of Debt 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.
  • Shannon

    I too am an emotional spender and it has gotten me into trouble. he most important things to your kids is you, not the stuff you buy them. Good luck with your situation

    • http://GetOutOfDebt.org Steve Rhode

      Excellent observation.

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.