I have $80,000 in credit card debt. I make about $50,000. The debt is in my name only. My husband makes about $120,000 a year and pays all the major household bills such as mortgage, car payments, insurance, utilities, etc. My income goes almost entirely to paying down my debt. My question is should I keep plugging away or should I enter into a debt management plan to pay off my debt in 5 years. I don’t want to ruin my credit rating further or end up having credit card companies sue me which is what I heard will happen. I can afford to make my payments but often they are only the minimum based on other expenses I may have that month. What should I do?
Thank you for writing to me.
I have some questions I’m hoping you can answer for me in the comments section.
- What dragged you into this mess? What did you spend $80,000 in credit on?
- Was this all your debt? Did your husband participate in it at all?
- Are you using all your income to reduce the debt or just making minimum payments?
Before I can direct you down the right path I just need a better understanding of how you got here. If you are not willing to post your responses then you might want to contact
I understand you are concerned about your credit rating and being sued at the moment. You won’t be sued as long as you make at least the minimum required payment to the credit card companies. And your credit should not be the “sacred cow” you set off limits as you embark on this journey out of debt. Credit can be rebuilt.