Getting Out of Debt How To Get Out Of Debt

There Are No Solutions For Us to Get Out of Debt That We Can Afford

Written by Steve Rhode


Dear Steve,

$70,000 unsecured debt
$120,000 combined gross income

Have checked with credit Counselor’s who offered a DMP we couldn’t afford, bankruptcy attorney, (chapter 13) payment plan we can’t afford.

Tried resolving with creditors on our own, again can’t afford. So, what’s next?

Do we just not pay and hope for the best? We are at the end of options. Just hard to believe there’s not an answer.



Dear Angela,

I understand what you are saying.

However, considering there are alternative points of view here I hope you can ingest what I have to say.

It is entirely possible that the leading ways to deal with your debt are unaffordable. But that does not mean you are out of options.

The first and least popular option would be to downsize your life and reduce your expenses to allow you to make ends meet.

The second option is to focus on increasing income or a combination of reducing expenses and increasing income.

The final option is something that is best dealt with using a custom approach where you make informed decisions about defaulting on one debt over another and then later attempt to resolve the debt. Of course, there will be credit impacts, potential tax consequences, and the possibility of being sued.

I would agree that there may not be any “perfect” options, but you still do have choices you can make and solutions you can implement.

While you have talked to the major niche providers of credit counseling, bankruptcy, and settlement; what you have not done is talked to someone who can help you create a personalized solution that may involve a little of each approach.

The individual niche providers are generally trying to sell you their solution as the sole tool to solve your problem.

Think about it like this, you may need a hammer to fix your problem but there are 40+ types of hammers for different situations. A professional craftsman knows which hammer to use and where and when to use it.

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You are probably best off talking with a debt coach like Damon Day to come up with a more holistic solution based on your situation and goals.

Don’t throw in the towel yet.

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About the author

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.


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