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I Have Over a Million Dollars of Credit Card Debt. Help! – Raj

“Dear Steve,

I have following debts on me which was generated over last 4 years:
1 Credit Cards 1,100,000
2 Business Banks Loans 755,000
3 Personal Bank Loans 246,000
4 Personal Loans on almost 3% interest 794,000
5 Car Loans 105,000
Total :- 3,000,000

So far I managed to survive and paid thru the profits I received from my business. But last 4-5 months the overdue started. It is getting very difficult for me now.

Please guide what I can do?

Is there an attorney you could recommend to whom I can contact?


Dear Raj,

I once had a client with $1.4 million on 78 cards. You are getting close to that record. The bad news about that other guy was that the stress of managing his debt literally got to be too much for him and he died of a heart attack. Let’s not let that happen to you.

It sounds to me like you are continuing to use borrowed money to keep the business going. Is there any reasonable expectation that the business can survive on its own?

If there is no reasonable expectation the business can be viable from this point on, has the time come to admit defeat and wrap this mess up with bankruptcy?

The solution here is going to come down to cash on hand versus reality. If you have $1.3 million in cash on hand then contact Damon Day for a consultation on settling those debts. If you don’t have that kind of cash then click here for a local bankruptcy attorney and make an appointment to go talk about your situation.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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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.
  • http://Website Raj

    Hi Steve,

    Extremely sorry for not mentioning the Currency. First of all its not in US$, but its in UAE Dhs. My debts are in Dubai.

    2nd, I will not do any thing wrong as I have a fighting spirit in myself, I do carry lots of will power and take any challenge in a positive spirit. I have full support from my big family (althogh they are too young) who keeps motivating me.

    3rd, At this moment I am doing my business which supports me to pay off 90% and sometimes 80% of my debts.

    4th, I do not like to go into filing the Bankruptcy.

    Now the issues I am currently facing is:

    1. I have part of my personal loan (AED 500,000+) needs to be paid off within next 3 months.
    2. Having heavy pressure on my cash flow.
    3. I am being bothored all the banks before the due dates as payments were delayed for couple of times.
    4. Need some more time (around 3-6 months) for:

    a. Arranging funds from my resources to strengthen the cash flow
    b. Get rid of the personal loans (bit difficult)
    c. Reduce Cost of running business without affecting the sales
    d. Take necessary steps to increase sales
    e. Etc.

    I know, I have to get rid of mess, by increasing the revenue, which will help me to pay off my debts.

    Steve, now need your advice, what to do as I have already opened my carts to you.

    I just want to motivate others giving my story here. You can say a very little contribution to you from my side.


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