What’s the Best Way to Get Out of Credit Card Debt Without Bankruptcy?


Dear Steve,

I’m 70 year’s old and in Credit Card debt plus over spent.

What’s best for me to limit my credit card debt without filing bankruptcy.



Dear George,

Starting by eliminating options to help you get out of the hole you are in is not the best first step.

If you want to avoid bankruptcy and maintain or improve your credit, then the answer is pretty clear. You just need to pay the total debt off either through minimum monthly payments or in larger chunks.

Your age does not surprise me. I’m seeing more people who are older or headed towards retirement who are in debt trouble. Considering the fact you may be headed for retirement or already retired, I think it is a mistake to take bankruptcy off the table.

Bankruptcy is a debt relief option under the law, is the least expensive way to deal with your debt and can give you the fastest results. It also stops debt collectors in their tracks.

There are some legitimate issues that might make you think twice about bankruptcy but those are mostly state specific.

To get a better overall view of your get out of debt options I would suggest you use my free Get Out of Debt calculator to compare your options.

Another key issue you mentioned was the debt was the result of overspending. Typically to help make ends meet people will turn to credit to bridge the gap. Your overspending may simply have been the result of not having enough money coming in to meet your expenses.

If that’s the case they trying to make above minimum payments to dig yourself out of debt is probably completely unrealistic, unsustainable, and not a real strategy.

Dealing with your debt should be part of a larger view of your current life and financial situation. It would be a mistake to just get tunnel vision and deal with the stressful debt and pick a solution on how to deal with your debt just based on assumptions, emotion, or assumed advice.

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I’d much rather see you make a decision about how to best deal with your debt based on how you got into this spot, what your future needs and goals are, and then how to deal with the situation in the fastest and least expensive way to help you do better quickly moving forward.

If you’d like to talk this over with someone, you might want to consider speaking with my friend and debt coach, Damon Day.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

Steve Rhode

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