I’ve Been Involved With Risky Ventures But Now Want to Clean Things Up. – Ryan

“Dear Steve,

I have spent the last 6 years being involved in risky startups and ventures. I have used my life savings for these ventures as well as racked up a good amount of credit card and tax debt.

We just had a baby boy 4 months ago – and I am completely focused on getting out of debt in 2011.

I will have some decent income this year (in the 6 figure range) and 2012 is shaping up to look really good.

How can I negotiate my credit card debt? I have approximately $27,000 in credit card debt and would like to wipe that out. That being said – I still want to do this in a way that least likely hurts my credit score. Are there any good online sites you would suggest? I have called all of them and they will not reduce my interest rates any further. Any suggestions on how to approach?

In regards to IRS Debt – what is the best approach? Just pay off as fast as I can? Probably not an area that I want to negotiate?

Also – my wife did a short sale. What is the fastest way to get her credit back on track?



Dear Ryan,

Getting out of debt for less than you owe and not having it impact your credit are mutually exclusive. It almost seems like the fastest ways out of debt have the biggest initial hit, like bankruptcy and debt settlement. However if you qualify for a Chapter 7 bankruptcy your debt can be discharged in months and you can begin rebuilding your credit right away.

If you are looking to explore settling your debt then contact on of the AACC member companies for help and assistance. These debt settlement companies have pledged to put consumers first in their dealings.

On the IRS debt I would suggest you start with EasyIRS.com for honest and affordable help. I’ve interviewed Jim Buttonow of EasyIRS and he attended my Rally in Raleigh.

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On rebuilding credit, just follow this guide.

As part of your journey out of debt I suggest you read this article, “The Honest and Unvarnished Truth About How to Get Out of Debt,” and also meet with a local bankruptcy attorney to be better informed what bankruptcy means for you.

You can click here to find 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 post your responses and follow-up messages to me on this in the comments section below.


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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Damon Day - Pro Debt Coach

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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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