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I Don’t Know Where to Start to Get Out of Debt. – Alice

“Dear Steve,

I have a lot of debt due to credit cards and 2 mortgages i have a condo and i owe more on my mortgages than my condo is worth. so refi is not an option.

Well my question is i would like to start getting out of debt but do not know where to start i heard story about Debt conslodation and debt managment company that said do not use them you will get more in debt with them and i want to try to stay away from filing Bankrupcty any ideas how to get started lagitamently?


Dear Alice,

Before we jump to the selection of the vehicle, we first need to figure out where we are going. I know you said you would like to start getting out of debt but before simply reducing some balances it would be important to have a conversation with yourself or a debt coach like Damon Day about what the end game is. Is it simply that you want to lower some balances, move towards a life without or with less debt, or maybe to just reduce balances to a level your are emotionally comfortable with?

It seems that without even looking at the credit cards, the most pressing matter is the mortgage situation. You could still spend years digging out of credit card debt only to be permanently sunk in a mortgage situation that is not resolvable without legal intervention.

Probably one of the most important questions you need to contemplate is if you want to spend the next seven years digging yourself out and living a budgeted life and digging out or spend the next seven years recovering and rebuilding.

Post your insights in the comments and let’s take it from there.

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.
  • Alice

    Hi Steve, Im Alice from the Question “Where Do i Start to Get Out Of Debt” and i want to thank you for answering my question i really want to get out of debt be debt free if it is possible with all the debt i have so i am going to contact that person Damon Day that sounds good at least it is a start where i didn’t know where to begin with. Im so glad i stummbled onto your site you are a god sent from all the blogs i have been reading you really know your stuff and are very helpfull you helped a lot of people with the way this country is now there are a lot of people who need help. I thank you Very much for starting this site and i will give you an update as how my debt works out and if i should get debt free i know who i owe it all to you gave me my start i have try everything reading sites on sites on debt and books to no avail reading your blogs on your site seems to be the most helpfull Thank you again im off to contact Damon Day.

    • Steve Rhode


      Thank you for your kind words and complements. It made my day.


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