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I Just Discovered My Wife Has $90,000 In Debt. – Jim

“Dear Steve,

I discovered that my wife has run up $90,000 in credit card debt. The minimum payments alone are $2,300/month. I have looked at one of the links on your website and they talked about debt settlement.

How does debt settlement work – is it for everyone? The site showed a $2,000 payment as settlement for a $17,000 BofA debt. Am I to assume a settlement of this type will affect our credit rating


Dear Jim,

Sorry to hear about the unpleasant surprise. That really sucks.

Before we jump to solutions my first concern is that we inspect and address the reasons why she spent the money to begin with. Unless we tackle that there is a good chance this pattern will repeat again.

It may be she has a spending problem and there are a number of variations of underlying issues that result in hidden debt. but the debt is the symptom of a greater issue, not the problem itself.

So why was she spending?

Is the debt in her name alone? Is this joint debt? It makes a difference on how we proceed.

Post your answers in the comments and I’ll answer from there.

Debt settlement isn’t necessarily the right solution and you’d need more information from any debt relief company before you can make the right choices for you.

One step at a time my friend.

I am here to help.


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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