I Refuse to Pay For Something I Can’t Afford. – Steven

“Dear Steve,

I owe 25K, am working a low-paying temp job, I’m 27 years old, hopeless.

I owe (or owed) a total of $25,000 (probably more now, due to escalating interest rates) between two credit card companies, Capital One and Chase.

I absolutely do not have the funds to pay it off. I had to stop making minimum payments last year when I got laid off from my job. Now that I have a temp job, it is too late to keep making minimum payments and the interest has made it ridiculous to pay.

I refuse to pay for something that I can’t even afford! I don’t know if bankruptcy is an option, or if I even have any options at this point. I am waiting for a settlement, maybe something I can afford. The frequent phone calls (5+ a day) have stopped now and I’m sure they’ve been turned over to a collection agency. I just want to get rid of the debt and get on with my life.


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Dear Steven,

Wow, your statement, “I refuse to pay for something that I can’t even afford!”, really shocked me. That seems like a totally unreasonable point of view on this situation.

If you have found yourself in a difficult situation without any reasonable expectation to be able to repay and you need to address the debt and stop collection calls then by all means, click here to find a local bankruptcy attorney to help you.

It seems that at one time you made an application for credit and entered into an agreement with Capital One and Chase Bank to use credit they agreed to extend to you. As part of that agreement you contractually agreed to the terms and conditions they stated. part of those terms were that they could change your interest rate and pursue you if you failed to pay with collections or lawsuits.

You statement troubles me because while you might not like the fact the banks are chasing you in accordance to what you agreed to, refusing to pay for something because you can’t afford it is not a reasonable position to have to deal with the situation.

The best way to get through this is not as a victim here. The reality is you entered into an agreement to pay, through life forces you are unable to pay, you need to accept responsibility for your situation and taken positive action to remedy it.

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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