I’m a Mother of Two, Working Part-Time and Separated. How Do I Get Out of Debt? – Melissa

“Dear Damon,

I’m a mother of 2, working part-time and separated with my children’s father 2 years ago. During the separation the purchases that we made together, I was left to pay by myself. I managed to bring it down to $36k, but am left with no $ at the end. I do not recieve any $ from him, but he does pay for both our children to attend private school and he purchases their clothing and other things that they might need, which helps a lot. I have tried to get a full-time job but have been unsucessful.

I would like to know if Debt Consolidation is right for me. I have a total monthly income of $2,500, $1,800 of it goes to the credit card companies to pay the minimum due and the rest is for rent, food, utilities, etc. I have 2 cards with a very high interest rate that makes it hard for me to bring down. I have cut all my cards and pay cash for whatever items I need.

I really appreciate your feedback.

Thanks so much!


Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Hello Melissa,

It is very concerning to me that you are paying 72% of your monthly income toward your credit card payments. Under no circumstances can this continue. You are holding a ticking time bomb just waiting to go off.

It is unlikely that simply lowering the interest rates on these cards is going to provide you the type of relief that you are going to need. Likely we are going to be looking at a debt settlement or a bankruptcy strategy to provide you immediate relief and the ability to shore up an emergency savings fund.

The good news is that you have somehow been able to survive and live on such a small amount of your paycheck. So when we resolve the debt situation, you should be in a great position to quickly get a savings built up and have yourself in a much more stable financial situation very quickly.

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I would recommend that you schedule a phone consultation with me through my website. I will have you fill out a cash flow and net worth worksheet and then we can get into the details of your overall financial situation on a private phone call. I can help you to figure out whether or not a settlement, bankruptcy, or possibly a different solution is the most appropriate for you. Then we will put together a step by step plan and execute it. If we determine that a settlement approach may be the best, I will tell you who the good companies are and get you a significant discount off their fees, or I can even tell you what you will need to know if you would like to settle your debts directly with your creditors and not hire a company.

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at DamonDay.com

If you have a debt related question you’d like to ask, just use the online form.

Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at DamonDay.com