I Have $190,000 in Credit Card Debt I Can’t Pay. – Patrick

“Dear Steve,

Soon I will default on $190,000 in credit card debt on 8 different cards. Until now I have never missed a payment and my FICO score has been above 700. I have a good job making well over 100K but there is no way I can pay back 190K! (at my age of 55). I have alot of dependants as well.

The problem came about when I borrowed 150K to invest in a medical device company and that investment dropped in value to 15K when the CEO died the day before Christmas (nice gift, uh?). It should go back up in time but who knows when, possibly years.

My question is: since my debt is so vast I am going to have to give up on it….permanently. Debt settlement would still require at least 1/2 or 100K and I don’t have that either. I am planning to do this my self and not get involved with an outside firm, I am reasonably educated and can handle. Why can’t I just stop payments and let it go to civil court because you can garnish wages in NC? there is no way to collect, right? (since I don’t have much cash, live in an apartment; point being there is no way to collect?) I also fear the tax consequences of debt settlement on that scale.

Rather than hide from the creditors I have ported a long standing phone number to a new cell phone dedicated to bill collectors and will write to them with contact information. I am simply forwarding my physical address mail to a PO box to keep the stress away from my family. Can they still pursue me after the 3 year statute of limitations in NC?

I keep 35K aside for emergencies or a new car because I will never be able to borrow money again, I need some kind of emergency account and these funds will increase now that I am not making the thousands of dollars in minimum payments. where should I keep the money, in a safety deposit box? thanks

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Dear Patrick,

I’m not a fan of setting up a solution that leaves you constantly running and looking over your shoulder.

I think you should just go an meet with a local bankruptcy attorney. Close the door on this debt forever and then instead of hiding and worrying you can focus on a better future without fear.


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

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