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I Have Debt I Have Not Paid in 60 Days. What Do I Do? – David

“Dear Steve,

I have about $22,000 in major credit card debt that I have not paid in over 60 days. I do have about $500.00 in store credit card debt, which I am paying off. $325.00 a month in car payments for another 3 years. $2000.00 in personal loans which I am paying. Also bought a big screen TV from Best Buy for $40.00 a month with no intrest for another two years. My problem is the major credit cards. I have not answered their phones calls or mail.

Should I try debt relief? Declare bankruptce? Pay them off with what little I have in my 401k? I am 57 years old and not enough time to make any money, And my income is getting smaller every year.


Dear David,

The first step would be to figure out what it was that lead to the accumulation of $22,000 of credit card debt. Was it binge spending, collecting, unconscious spending, or maybe just making ends meet over time?

If you are 60 days behind and unable to make monthly payments then the most logical solution would be for you to click here to find a local bankruptcy attorney and go talk to them.

With declining income, under no circumstances should you touch that 401(k) to pay off debt. If you do I will personally fly out and kick your ass, in a loving way of course.

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.

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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.

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