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I’m a Truck Driver That Lost My Job, Not My Debt. – Bob

“Dear Steve,

I was a truck driver and had several accidents. Lost my job. I made 60,000 per year. My wife makes 55,000 per year. We have 44,000 in debt and 65,000 outstanding on our mortgage. We had been on our own program where we were paying a chunk of money extra to the creditor with the lowest principal owed and rolling that payment over into the next one when it was paid. Would have had our debt and mortgage paid off in 3.5 years, but that has all changed.

Are there any programs or institutions that I can contact that would consolidate some of this debt for us? Or, does this look like a bankruptcy scenario. All this occurred about 3 weeks ago. We are not late on any payments at this time. Thanks for any advise that you can offer.


Dear Bob,

The real question here is what is affordable to you based on one income?

It sounds like you were doing a great job of using the debt snowball method to pay down your debt and that an unfortunate income event occurred.

Even if you did consolidate your debt, could you afford to make a monthly payment that would be close to the minimums required by the cards, without your income?

The best plan of action at this point would be to focus on replacing the income lost and then we’ll pick up the pieces. Just remember to pay your mortgage before you pay your credit cards and if you don’t have enough money left over to pay the cards then it is what it is and we’ll deal with it when that time comes.


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.

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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.

1 Comment

  • Thanks for the advise. You’re right. Got to replace my lost income first. I’ve had some partial success, but I need to stay positive and be persistent. I’ll let you know what happens.

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