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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!

Rachel”

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?

READ  We Are at the Point Where All We Can Do is Pay the Minimum Payment. - Robert

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 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 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.

11 Comments

  • 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

  • so damon do all the people you help know they are talking to a guy sitting in his underwear in his living room giving sound financial advice with out a business license and proper credentials??? Glad to know you finally admitted no license and you are workign from home. This kinda sound like a botox party where people go for cheap lip injections and come out defromed and in worse position. Hope you can sleep at night great way to make a living!

    • So predictable, yet so sad.

      Finally admitted? Um, you asked me at 4:04 today and I responded at 4:48. I apologize that I withheld that information from you for an entire 44 minutes.

      Do you think a consumer would prefer a lie from someone wearing a suit in a boiler room or the truth from someone “in their underwear” as you put it?

      I sleep just fine knowing that every day I prevent many families from falling victim to front loaded fee debt settlement and numerous other scams. I will let my work speak for itself.

      The irony is certainly not lost on me that there is a debt settlement sales person claiming that it is my information that leaves people worse off financially. That is good, we will go with that one :-).

    • Hey Candice,

      So that is a big “no” on the whole open and transparent question huh? 🙂 Debt settlement sales people are so predictable it almost isn’t fair. But it does make my job fun.

      I don’t have a business license. I operate as a sole proprietor under my own name. I work from my home office. When consumers have financial issues with debt, they call me, I inform them of what their options are and give them some resources to further research them. I give them information that they are unlikely to get on a free sales pitch, (you guys call them consultations).

      The dirty little secret in the “debt help” industry is that more often than not, consumers don’t need to spend thousands of dollars to enroll in some program to resolve their issues. Of course sales people can’t make a lot of money if my big mouth is out there telling consumers the truth, so predictably, they attack me because they can’t respond to the facts I lay out.

      I allow consumers to make educated and informed decisions based on all information available.

      If consumers find value in speaking with me, then they pay me for my time, if they don’t then they don’t pay me for the consultation.

      If you really want to attack me, why don’t you spend some time and try to find a client that is unhappy with me? Or try and find a single complaint about me, other than anonymous sales people attacking me personally, that try to scare consumers away from learning the truth about this industry. Or perhaps the old standby anonymous attack written by Dan Smith, the president of New Era Debt Solutions. That one seems to be pretty popular lately.

      Here is a thought, if anything I tell consumers on my website or in forums is untrue, why not question that? Why not tell me if anything I say is factually incorrect and we can have an open and honest discussion about it. If the best you can do is attack me personally, then I hate to be the one to inform you of this, but consumers are smart enough to see right through that.

      So let me ask you, other than attacking me personally, do you take issue with anything that I am telling consumers? Do you find anything that isn’t correct? Please let me know and I will be happy to discuss it openly with you.

  • WOW! DAMON DAY LOOKS TOTALLY LEGIT! all that stuff below makes him an expert for sure! and no business license either! I will be foward his info the CA Attorney general office and BBB

    Damon Day Directory
    (5 of 5)

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    Damon Day
    Title
    Financial Consultant
    Demographic info
    Financial Services | Greater Los Angeles Area
    Current:Financial Consultant at Damon Day and Associates Education:California State University-Fullerton – College of Business and Economics, California Polytechnic State University-San Luis Obispo
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    Damon Day
    Title
    Building Materials Professional
    Demographic info
    Building Materials | Tucson, Arizona Area
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    Damon Day
    Demographic info
    Accounting | Boise, Idaho Area
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    damon day
    Title
    Teacher at caldwell county schoos
    Demographic info
    Higher Education | Hickory/Lenoir, North Carolina Area
    Current:Teacher at caldwell county schoos
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    damon day
    Title
    IT specialist at ameresco, inc
    Demographic info
    Utilities | Spokane, Washington Area
    Current:IT specialist at ameresco, inc Education:USMC

    • Wow, another attack I think?
      Hey Candice

      I don’t understand your point of pasting information about 5 different Damon Day’s that you found on a website.

      This information is me

      View profile
      Send message
      Connect
      Damon Day
      Title
      Financial Consultant
      Demographic info
      Financial Services | Greater Los Angeles Area
      Current:Financial Consultant at Damon Day and Associates Education:California State University-Fullerton – College of Business and Economics, California Polytechnic State University-San Luis Obispo

      I don’t know the other Damon Day’s that you found and they are not me. Please go ahead and send the california attorney general and the BBB whatever information you would like.

      I will pose the same question to you as I did to Jude. When you write to the attorney general and the BBB are you going to tell them who you are and what company you work for?

  • Since Damon Day is a debt coach, and runs a business where is he licsened and is he registered with the BBB? What state does he practice business in???

    • Hey Jude,

      This is your second attack against me today. I have certainly noticed an increase in these attacks since the new FTC law was passed.

      You know, I am very open and honest and use my real name whenever I say anything. I am certainly happy to answer any questions. What I would request is that you let me know who you are. I find that to be a fair request since I am open and stand behind everything I say and do for consumers, yet anyone can hide in the internet shadows taking pot shots at me to advance whatever agenda they have.

      Will you have an open and transparent conversation with me? Will you let me know what company your work for? Clearly you have some sort of beef with me, will you tell me what that is?

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