I Always Knew Our Credit Card Debt Was Bad, But Not This Bad. – Rachel

“Dear Steve,

I always knew that my credit card debt was bad, but it wasn’t until the last month I realized how bad it is. I am married and have a little girl that is turning one. My husband is an electrician, but with that work he can be laid off at any minute and wasn’t working for 7 months last year. And because of that, caused us to use our credit cards a lot for the little things that definitely add up. Our credit cards have definitely gotten worse since we had our daughter with the extra expenses of paying for diapers, formula, etc for her. We have about $14k in credit card debt and was considering a debt settlement companies and am starting to do some reasearch. Most of them seem likes scams. Wondering if Damon Day & Associates would be the best choice.

I don’t want to file for bankruptcy and don’t think we are at that point yet. But with almost all of our credit cards maxed out with high payments and interest. Would like the best solution to help pay off quickly.

Thank You!


Dear Rachel,

I hate to state the obvious but the best approach is to pay off the debt according to at least the minimum terms on the accounts. That way it does not hurt your credit.

But outside of that you could look into a debt consolidation loan through LendingClub.com and that might help lower your payments and preserve your credit.

Any intervention in reducing the terms on your current accounts will impact your credit but depending on your situation the worry about credit may be secondary to taking some action to intervene to prevent this from getting worse.

The debt isn’t my biggest worry however. I’m more concerned about dealing with making ends meet without using credit. Can you get by without using the cards at all?

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Damon Day is a debt coach, like me, except instead of answering questions and writing articles like I do he spends his time providing personal extended consultations for consumers that are looking for a game plan or assessment of their situation. Talking with him can only give you additional information so it is something worth seriously considering.

Please update me on your progress by

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.

11 thoughts on “I Always Knew Our Credit Card Debt Was Bad, But Not This Bad. – Rachel”

  1. someone is getting mad! FREE FINANCIAL ADVICE FROM MY HOME! ALSO SIGN UP NOW AND LEARN HOW TO MAKE $5000 FROM HOME!!! Really Damon, I dont work in debt settlement. I do find it funny how you assume things. GOOD DAY SIR


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