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We Have Good Credit But Too Much Debt. – Devin

“Dear Steve,

My wife and I are now back on our feet after years of unemployment problems and housing investment loss due to previously living in Michigan. We lost most of our savings and retirement paying back debt, and now stand with $33,000 in credit card debt left.

Our jobs are going very well, and our earnings are good, but we cannot afford the $900/month minimum payments and we will never get out of this debt at this rate. We have been able to also maintain a good credit rating through this financial ordeal, with a score of 675, and I hate to lose it by defaulting but we cannot keep paying,

If our older cars finally die we will not have the extra money to repair and cannot afford anything beyond essentials. My wife is so distraught she is ready to quit work and file bankruptcy, but aside from the credit card debt we have managed to rise above our challenges so I hate to give in but the stress is just too much. I have been looking for a program that will apply to me, but find nothing – PLEASE HELP! I am a home owner, with a child in college and one in high school.

Do you recommend debt consolidation in our situation?



Dear Devin,

Please pass on this message to your wife for me, “Don’t Panic!” We can work through this situation.

Since your credit is still good I think we could explore some less drastic avenues first. Your first stop should be to follow this link and learn more about LendingClub is a peer-to-peer network that actually does lower interest debt consolidation loans. I’d like for you to check it out and get a rate quote so we can see if actually consolidating the debt will be of a benefit to you.

If the LendingClub debt consolidation loan actually gives you the breathing room you need then you can payoff most of the credit card debt and it will help to improve your credit even more. That’s Plan A.

So that’s your homework. Once you do that and get a rate, come back and report in and let’s see if that alone will do it or we need to move to a more drastic Plan B. Regardless, tell you lovely wife there will be a solution that will resolve this situation one way or another. Don’t quit the job.

In fact, now that we are a path towards resolving this, do me a favor, take yourselves out for a treat, be it a movie or meal out. Just let yourselves relax for a few hours. I’m on it.

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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.

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