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I’m Behind on Debts and Want My Credit Card Companies to Reduce Interest Rates. – Bonnie

“Dear Steve,

Self made from lots of work and real estate investment…now with a commercial investment gone to foreclosure I have lots of credit card debt but only minimum income and I have started college to get a degree and so I am with limited cash…with other property but no sales in the near future.

Besides my heart and soul that makes me pay my credit card debt of about $70,000. With the commercial foreclosure and now bad credit is it worth me paying off my cards and if so how do I get them to lower the interest rate my highest is 17.99 and lowest is 3.99. I have had perfect my whole life and at 52 I work part time at Starbucks, a local resturant, real eatate, and I just finished my first 3 classes back at a local community college, working for a full scheduel in school in the fall. I am recently divorced with a fifteen year oid. Hoping when she graduates high school for college so will I with at least an associated or start nursing school. I just need some advice I can’t do this and pay such a heavy debt load.


Dear Bonnie,

I think the most important point of your question is that you have limited cash. The only realistic way to get the cards to lower your rates some would be to enter a credit counseling program and make a monthly payment that would be around $1,400 based on your debt.

But with your limited resources I am concerned you would be embarking down a path that would not satisfy your debt and simply leave you broke.

If you think you are going to need to take time off and retool yourself with education it probably makes more sense to look at bankruptcy. Otherwise you graduate with probable student loans and your old debts on top of that.

Click here to find a local bankruptcy attorney and go talk to them before you do anything else.

READ  I Am a Single Mother And Going Back to School for Nursing. - Tanya

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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