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I Was Buying Stocks Using Credit Cards And Now I Can’y Pay My Bills. – Delano

“Dear Steve,

we got real good money situation back than. it started when i start buying stocks using credit cards. i mean a lot of credit cards. that day, i believe the stocks will boom. and soon… the stocks tumbling down. and now, i can’t pay the credit plus the interest. since i can’t pay all the bills, then i started loan from families… but it doesn’t solve my problem. since my main job just give small contribution for this problems. i try to sell all my assets, from cars to house. all of it… but still haven’t solve my problem. the compounding interest is killing me. we cut all expends, but its hard to do cause i have 2 kids to raise. please help… thank you

what should i do now?

Delano”

Dear Delano,

I would be that you became attracted to playing the market because it gave you an emotional thrill. Much like gambling or playing the horses. Using borrowed money to invest in something that can quickly lose money is not a wise move.

More importantly you need to closely and honestly examine the issues that led to your financial downfall. I always say there is no sense wasting a perfectly good mistake.

If you’ve be borrowing from family and it’s not resolving the problem, then there is no sense sucking them into your mess. I think you’ve come to the point where you need to accept responsibility for the situation, suck it up, take action and deal with it.

That action will probably be bankruptcy if there is no reasonable expectation you can make the minimum payments on your own. You can click here to find a local bankruptcy attorney. Contact one, discuss your specific situation with them and come back and update me in the comments below.

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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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