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Between The New Baby, Truck Payment, and Credit Card Debt, I’m In Financial Trouble. – Bethany

“Dear Steve,

I have a new baby, hospital bills from birth and baby’s special needs, am in danger of getting behind on my truck loan payment, have about 12,000.00 in credit card debt from poor decisions in college. I’m overdrawing my checking account every month to cover expenses and can’t seem to get ahead, plus my credit score is poor which keeps me from looking into the future with much hope of having a home one day.

What do you think is my best option for getting out of debt so that I can take care of my monthly needs without overdrawing my account?? Also, how long do bad credit cards stay on a credit report?


Dear Bethany,

At some point we all need to face our financial demons. It sounds like you are just limping along month-to-month try to shove 5 pounds of flour into a three pound bag. No matter how hard you try it is simply not going to fit.

Getting out of debt is a combination of increasing income or reducing expenses. In your situation it does not sound like increasing income is a possibility so we’ll have to look at how to quickly reduce your expenses so you can properly care for your child.

Ultimately the quickest way to do that to re-float your sinking financial ship is through bankruptcy. Bankruptcy may feel shocking and tragic but imagine how you’ll feel if you do nothing and your truck is repossessed and you are homeless.

You can click here to talk to a local bankruptcy attorney and if you’d like a second opinion about your situation or a personal consultation by another debt coach, please feel free to contact Damon Day.

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.

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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