Ask The Get Out of Debt Experts Credit Counseling

It’s Frustrating to Make Minimum Payments But Feel Like We Are Getting Nowhere. – Kristen

“Dear Steve,

Currently my husband and I have over $35,000 in credit card debt which has accumulated throughout the past few years when I was a stay-at-home mom and getting by was difficult. We are now both full employed and making over $80,000 a year in householod income, and we’re able to make all of our minimum payments on time with very little left at the end of the month, however, it seems like the debt is going nowhere.

It’s frustrating to be making these large payments month to month and not seeing any results. We have tried to apply for a consolidation loan but were denied due to our debt to income ratio, which of course is what we’re trying to fix. It feels like a vicious cycle that never ends.

I am not interested in filing bankruptcy since, as I said, we are able to make our payments each month, and I don’t want to be part of any program that negotiates our balances. I want to pay our debt back ourselves, I just want to do so in an efficient manner without ridiculous interest rates in the 20s.

What do you think would be our best course of action moving forward?


Dear Kristen,

The most logical approach would be to click here for credit counseling information. A credit counseling company will probably be able to lower your interest rates but your monthly minimum payment will be about the same. And that concerns me.

If you are just squeaking by each month and not able to save money is a savings account or emergency fund then any long-term debt relief plan may be scuppered by an unexpected financial surprise.

I suggest you contact the credit counseling company and also read The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. That article will help put the available debt relief options into perspective for you.

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After you talk to a credit counseling group come back and let me know what you are thinking of doing and let’s talk about it.

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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