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I Am Self-Employed, Show Very Little Taxable Income and Have $130,000 in Credit Card Debt. – Ian

“Dear Damon,

Self employed for 13+ years

55 years old

Like so many self employed people the recession has been rough, add to that medical bills, and it’s easy to get caught in credit card debt.

I currently have $130k in credit card debt with an average interest rate of 16%. I am making the payments, usually double the minimum payment, but not always, but at this rate I’ll never pay them off.

I am self employed and gross around $100k a year, but like so most self employed people I write everything off, so I show very little taxable income.

I own my home, I owe $180k, and the current value is $390k. My credit score is 735 when I checked a week ago.

Normally I would refinance, or get a equity line, but as stated income loans have disappeared I am unable to get banks etc to make a loan.

So any suggestions on how I can get out from under this CC debt?



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The Answer

Hello Ian,

At first glance you can look at negotiating interest rates or even the principal. It would be difficult to tell you exactly what to do without a much more in depth understanding of where you are at financially and what things are most important to you.

Given what you have at stake I would recommend that you schedule a telephone consultation with me so that we can review the options, determine how each one would play out, and given the pros and cons of each, decide what type of strategy would make the most sense to move forward with.

You can learn more about my service at

I do charge a fee for my consultations, but that is actually the point. My consultation is the service, not the sales pitch for a service.

I Am Self Employed, Show Very Little Taxable Income and Have $130,000 in Credit Card Debt.   IanDamon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at

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

I Am Self-Employed, Show Very Little Taxable Income and Have $130,000 in Credit Card Debt. - Ian by

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About Damon Day

Damon Day
Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at

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