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I’m Making $150,000 a Year and Bankruptcy is Not an Option. – John

“Dear Steve,

Steve, I’m on a major treadmill and can’t get off… My past life of earning north of $250,000 per year had me thinking this would last forever and no amount of debt was insurmountable. I lost a great job, and was unemployed for 9 months supporting two households. My retirement was crushed and I had to max out my cards to keep the treadmill running.

I have nearly $200,000 of unsecured debt and $136,000 mortgage on a home worth $139,000. My new job pays $150,000 with a bonus available but it’s just enough to cover my bills and child support. Additionally, I’m in an MBA program that ends in October with the associated student loans coming due then as well. What a mess.
The final complication is I’m in a job that requires good credit to maintain a license so bankruptcy is not an option. Thanks for your help.

Is there any way to decrease the interest or payments on my unsecured debt? Also, are there any reliable debt reduction companies?


Dear John,

You only have one choice then, a debt management plan. If bankruptcy is out, then debt settlement will be out as well since you’d want to avoid being in collections and possibly getting sued.

In a debt management plan your monthly payment will be about what the minimum payment is now but depending on who your creditors are the interest rates will be slashed. Downside, the cards will be closed.

The good folks at this credit counseling group will take good care of you. Check with them and if you have any lingering questions or concerns, come on back.

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.


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.

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.

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