You’ve Been With Me on Many Sleepless Nights. – Colleen

Steve Rhode — Tue, 12 Jan 2010 22:22:34 +0000

“Hi Steve,

I have $100,00 in credit card debt. I am an independent travel consultant and due to the economy my business is at 0. My monthly expenses are around $2000 per month this includes the credit card payments. My husband deals with the rest, such as mortage, food, etc. I am not late yet on credit cards but this will soon be the case.

I own a house with my Mom and we are tenants in common. She will not refinance or let me take out a home equity loan. I read your book online and I have come to the acceptance phase, but I am so scarred especially that our house will be taken away. It is our only home and the payments are quite low, so it does not make sense to sell. There is quite a bit of equity in the house.

I was feeling so low and depressed until I read your book; I am out everyday looking for a job, but so far no luck.

What can the credit card companies do when you are tennants in common and have a lot of equity in the home? All the debts with the exception of the car are unsecured loans. I am not opposed to bank ruptcy at this point (something I thought I would never say in my life)however, I want to protect the home for my family and Mother.

Thanks Steve, you have been with me on many sleepless nights.

Colleen”

The Answer:

Dear Colleen,

It’s quite a complement to know I’ve been with you on many sleepless nights. Glad my book could help.

For those interested in downloading some of my books, here are some free copies of Eliminate Your Debt Like a Pro and The Path to Happiness and Wealth.

I think we need to begin with “it is what it is.” The solution here is ultimately going to come from income of some sort so your focus needs to be on that. I know when I was down and out I managed to find some of the worlds worst temp jobs. I hated them but they were income. Make sure you register with all the temp companies in town.

At the same time I think the time has come for you to click here to find a local bankruptcy attorney you like. You really should make a free appointment and go in and discuss your situation. There is much to consider regarding the property and it will involve the state the property is in, how long you’ve owned the property, etc.

The reason I feel bankruptcy will be involved here is because I doubt you are going to be able to find yourself back in a position where you can repay $100,000 of credit card debt plus interest. It would be unreasonable to assume you could.

Find a local bankruptcy attorney and then report back and tell me what he or she says by posting an update in the comments.

Trust me, this will come to an end, you will have a chance at a fresh start and life will get better. If you look at this as what it is, a process to deal with the debt you will be less stressed than if you assume this is about a personal failure which its not.

Big Hug!

@GetOutOfDebtGuy

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.

Meltdown risks mental health disaster

Steve Rhode — Tue, 28 Oct 2008 15:51:56 +0000

From How to Get Out of Debt

Fears over job security, paying the bills or even just whether your house is going to be foreclosed are fuelling an epidemic of stress, anxiety and sleepless nights among workers on both sides of the Atlantic – and it is managers who are having to pick up the pieces.
Increased stress, anxiety and tension inside as well as outside the workplace is posing a severe challenge for managers around how best to manage people who, often through no fault of their own, may not be 100 per cent focused on the job in hand.

Nine out of 10 American workers are losing sleep over financial worries, according to a poll by Chicago-based health and wellbeing company ComPsych Corporation.

Nearly a third of those surveyed said they were worried about the cost of living, while 29 per cent said their anxiety over their credit card debt was keeping them awake at night.

For 14 per cent it was whether they would be able to meet their mortgage payment that often preoccupied them in the depths of the night.

It’s a similar story across the Atlantic in the UK, where a poll by health insurer Bupa has found that a third of British workers are deeply concerned for their jobs, with two out of five saying levels of stress at work have increased since the financial crisis began.

Meltdown risks mental health disaster Management-Issues, UK – 28 minutes ago Nearly a third of those surveyed said they were worried about the cost of living, while 29 per cent said their anxiety over their credit card debt was …

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How to Get Out of Debt With the Get Out of Debt Guy » sleepless nights

You’ve Been With Me on Many Sleepless Nights. – Colleen

The Answer:

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Meltdown risks mental health disaster

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