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I Have $100,000 of Credit Card Debt and Thinking About Debt Settlement and Bankruptcy. – James

“Dear Steve,

My credit card debt has reached $100,000. I was able to keep up with the payments, but due to pay cuts and such, I can no longer afford even the minimum payments.

It appears the only options I have are bankruptcy or debt settlement. Debt settlement seems like a viable option, but there are so many variables with those type of companies. Is there a trustworthy debt settlement company out there? Are there any other options I am not aware of?


Dear James,

The vast majority of debt settlement companies that advertise heavily seem to make misleading statements and facts which are hard to believe. You are right to be skeptical.

My advice would be for you to first look into both options. You can click here to find a local bankruptcy attorney. Make an appointment and go talk to them.

To research debt settlement I suggest you contact Damon Day and schedule a telephone consultation to review your situation so he can guide you towards the best solution and help you avoid upfront fee companies.

Rather than jump into any company I really want you to do your homework, speak to representatives of both solutions and then come back so we can discuss what you learned.

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.
  • Dave VanderVeer

    James, the first step to settlement is to try and work with the banks directly yourself! You can visit to see how our online system walks you though the entire process for less money and less risk, you can do it yourself and save thousands, other than self directed settlement I agree with steve, you should take a long look at bankruptcy if Self Settlement does not work for you.


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