I Have $150K in Credit Card Debt. What Should I Do Now?


Dear Steve,

Heavy CC debt -150k.

Debt resolution or debt management?

All seem like scams.. any good companies?



Dear Chris,

The debt is the byproduct of choices and decisions that were made previously. There is a need to better understand how you wound up in this position, how it is going to change, and what your goals are other than just getting out of debt.

Trying to pick an approach to get out of debt without a better understanding of how you found yourself in $150,000 of credit card debt would be a scam in itself.

Let’s not put the cart ahead of the horse here. It’s time to take a breath and make some informed decisions.

You can get an overview of the most common tools used to deal with debt if you look at my Get Out of Debt Calculator.

Before you leap for any company, here are some guides to help you be a smart consumer.

  1. The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
  2. 10 Must Do Steps to Find the Best Credit Counseling or Debt Settlement Company for You
  3. How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off

If you just start calling around and start talking to debt relief companies that advertise, keep in mind the person you will most likely be chatting with is a commissioned salesperson who wants to get your sale to help them with their quota. Also, the promises the salesperson makes in trying to win your business and often very different when you sit down to read the client agreement. Be sure to read and understand that completely before you sign anything.

It is not surprising to find language in that agreement that basically says that anything the salesperson told you is superseded by the client agreement and doesn’t count.

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If you just start filling out web forms or calling debt relief companies with the kind of debt you have they will be falling all over themselves to close a deal with you. You are a cash cow for them. They will say nearly anything to make the sale.

But are you looking for the slickest sales process or the best advice for your situation and financial goals?

Maybe you’re just looking for a quick fix and you don’t care if it is the best solution, but it might feel like the easiest. I’ve seen it happen many times with lazy consumers who just want the debt problem to feel like it is magically dealt with.

Your option here ranges from learning more about common debt solutions using my Get Out of Debt Calculator, doing deep research on each type of debt relief option, talking with an experienced debt coach like Damon Day, or just letting someone sell you something that looks like an easy or quick fix.

I can’t guarantee much in life but I can guarantee that if you don’t take the time to dissect how you got in this situation, think about what your future plans are concerning retirement savings, or participate in learning more about the different debt relief options – you will get scammed.

You seem like a perfect reader for two of my previous posts: How to Get Out of Debt. The Honest and Unvarnished Truth. and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy.


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.

Do you have a question you'd like to ask me for free? Go ahead and click here.

Damon Day - Pro Debt Coach

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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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