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Because My Husband Lost His Job, We Can’t Make Our Credit Card Payments. – Susan

“Dear Steve,

My husband lost his full-time job two weeks ago and I lost my part-time job at the same time. I still have my full-time income, but there is no way we can make the monthly minimum payments on the credit cards.

What are some reputable debt management companies that we could contact? There has been so much news coverages about scams that offer to help but make things much worse.

Susan”

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The Answer

 

Dear Susan,

Good question. Before you rush to contact a debt management company, I think it is important for us to look at your situation backwards. The key question to ask here is with your reduced monthly income, how much, if anything, can you afford to devote towards debt repayment on a monthly basis? How much debt and what kind do you have?

A debt management program is not going to lower your monthly payment and a debt settlement program is just such a mess and scam these days from most providers.

That leaves us with a couple of options but I’d like to hear back from you first on my questions before I come up with a Plan B for you. Just post your answers in the comments section of this question and I’ll respond.

Big Hug!

Because My Husband Lost His Job, We Cant Make Our Credit Card Payments.   Susan
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P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

Because My Husband Lost His Job, We Can't Make Our Credit Card Payments. - Susan by

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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.
  • http://GetOutOfDebt.org Steve Rhode

    Thom is correct, if you are currently behind in your payments and being charged late, overlimit and past due charges, a debt management plan might be able to get you back to making about what your minimum payment was before you fell behind.

    Steve

  • http://cambridgecredit.wordpress.com/ Thomas J. Fox

    I do differ on a point of Steve’s response. In the spirit of full disclosure, I am the Community Outreach Director of a national Debt Management agency. A debt management program may be able to reduce an individual’s monthly payments based upon his or her creditors and level of indebtedness. More importantly, a certified credit counselor will be able to provide a full financial analysis which will help in making adjustments to your spending plan to accommodate for the decreased income. If bankruptcy is an option, your counselor will be able to advise you on the process, as well as other options that may be suitable for your circumstances.
    .-= Thomas J. Fox´s last blog ..Have Credit Cards Become Consumer-Unfriendly? =-.

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